KUALA LUMPUR: Sarawak Consolidated Industries Bhd earned a profit of RM846,000 in the second quarter ended Dec 31, 2023 (Q2FY24), as opposed to a loss of RM2.82 million during the same time the year before.
The quarter's revenue increased 5.8 per cent year-on-year (YoY) to RM38.09 million from RM36 million in Q2 FY23.
The company said that the manufacturing and construction/engineering, procurement, construction, and commissioning (EPCC) divisions were critical to its financial success.
The construction/EPCC segment posted revenue of RM9.3 million, significantly reducing net loss to RM200,000 from a RM1.4 million loss in Q2 FY23.
Meanwhile, the manufacturing division, reported a revenue increase to RM28.8 million from RM21.6 million in the corresponding quarter of the previous year. Pre-tax profit for this division rose to RM3.8 million, an increase from RM1.0 million recorded in Q2 FY23.
For the cumulative period ended Dec 31, 2023, the company posted a net profit of RM1.77 million against a net loss of RM3.69 million a year prior. Revenue was higher at RM77.49 million versus RM66.33 million the previous year.
"Achieving a second consecutive profitable quarter in Q2 FY24, despite market fluctuations, underscores our resilience and strategic vision.
"This success, coupled with our commitment to environmental, social, and governance (ESG) principles, sets the stage for sustainable growth," said managing director Ku Chong Hong.
In addition, SCIB appointed Yak Boon Tiong as an independent non-executive director, effective immediately.
Yak will contribute to the audit committee and risk management committee, which is in line with SCIB's commitment to demonstrate good corporate governance and strategic financial management.
"In this spirit of progress, we warmly welcome Yak Boon Tiong to the board. His wealth of experience in finance and governance is poised to enrich our strategic endeavors further.
"Our recent milestones, including leadership transitions and strategic land acquisitions, are pivotal to our long-term objectives. With Yak's addition, we are even more equipped to exceed stakeholder expectations and navigate the complexities of the current economic landscape with robust governance and operational excellence," said Ku.
Moving forward, SCIB remains optimistic about its future prospects, driven by strategic recalibrations, a renewed focus on governance, and a proactive approach to seizing growth opportunities.