KUALA LUMPUR: Lim Seong Hai Capital Bhd's (LSH Capital) net profit increased 91.79 per cent to RM7.93 million for the financial year ended September 30, 2021 FY21), from RM4.13 million in 2020.
The company recorded revenue of RM67.42 million for FY21, representing an increase of RM19.29 million or 40.09 per cent compared to RM48.12 million for 2020.
The increase in the revenue is mainly contributed by the increase of revenue from the rental of machinery and distribution of building materials of RM10.02 million and RM7.95 million, respectively, for the FY21.
The company had earlier announced a final single-tier dividend of 0.66 sen per ordinary share, amounting to approximately RM2.34 million in the current financial period.
This will be proposed for shareholders' approval at the forthcoming first annual general meeting (AGM).
Non-executive chairman Tan Sri Lim Keng Cheng said the company is optimistic about the long-term prospects of the construction-related products and services industry in Malaysia which are expected to recover in 2021 progressively.
Lim said the company's continued success in securing orders from high-profile projects throughout Malaysia in the past is evidence of its ability to remain resilient and adaptive to challenging market conditions.
"Further, our ability to cater for construction projects across a broad spectrum of construction sub-sectors presents us with a large pool of opportunities into the various construction sub-sectors.
"Barring any unforeseen circumstances and the high vaccination rate achieved in Malaysia, the Board is confident that the prospects of the company's financial performance for the financial year ending September 30, 2022, will remain favourable," he added.