KUALA LUMPUR: TAFI Industries Bhd registered a net profit of RM5.49 million for the financial year ended December 31, 2021 (FY21) from a net loss of RM9.44 million last year.
The growth was supported by higher local project sales of furniture and revenue derived from construction contracts during the year despite the Covid-19 pandemic disruption.
Revenue increased by 48.16 per cent to RM43.54 million in FY21 from RM29.39 million in 2020.
This resulted in an increase in basic earnings per share to 5.29 sen for FY21 compared with a loss per share of 11.83 sen in the preceding year, the company said in a statement today.
TAFI group chief executive officer Datuk Sri Bryan Wong said the encouraging 2021 results show the current management's efforts to increase its efficiency and grow TAFI's business operations.
"TAFI Group will continue to work towards increasing revenue and profit for its furniture business by continuing to tender for more local government and non-government contracts," said Wong.
Wong said the company would continue working towards expanding its property development business by securing more joint ventures for property development projects.
"This to add onto our existing six joint venture property development projects with a total estimated GDV of about RM1.01 billion," he said.
TAFI Group had kick-started its construction-related business by securing its maiden contract of RM0.8 million in November 2021 for site clearance and earthwork for a housing scheme in Mukim Kg Gajah, Perak, which was completed at the end of December 2021.
The company also secured another RM30 million contract on December 8, 2021, for construction-related works to complete a mixed commercial development project at Permas City, Johor Bahru, by the fourth quarter (Q4) 2022.
In addition to the RM30 million contract award sum, TAFI is also entitled to a 30 per cent share of the net gross development value proceeds of certain units of properties under the said project, which is estimated to be around RM6 million.