WCT Remains Cautiously Optimistic Amid Continuous Growth of the Malaysian Economy
15 June 2023

PETALING JAYA, Thursday, 15 June 2023 – WCT Holdings Berhad (“WCT” or “the Group”), an investment holding company with businesses in engineering and construction, property development and investment in and management of retail malls and hotels, is cautiously optimistic amid the continuous recovery of the domestic economy as well as improving consumer and business sentiments, which will augur well with the Group’s overall business.

At the virtual Annual General Meeting (“AGM”) held today, Dato’ Lee Tuck Fook, Group Managing Director of WCT said, “All resolutions tabled at the AGM today were duly approved by our shareholders, which includes the final single tier cash dividend of 0.5 sen per ordinary share for the financial year ended 31 December 2022.”

For the financial year ended 31 December 2022 (“FY2022”), the Group’s revenue grew by 24% to RM2.1 billion as compared to RM1.7 billion registered in the preceding year (FY2021). The Group’s profit attributable to equity holders surged by 32% to RM128.7 million as compared to RM97.2 million recorded in FY2021.

In 2022, the Engineering and Construction Division continued to leverage on its strong outstanding order book and ramped up productivity to catch up on its key project milestones while overcoming the on-going labour and supply chain related operational volatilities.

Having demonstrated a strong commitment and compliance to good occupational safety and health management system at its project sites and met the International Safety and Health Standards, the Engineering and Construction Division was recently crowned winner of the International Safety Award 2023 by the British Safety Council in the United Kingdom.

The Property Development Division remained resilient by participating in roadshows, exhibitions, intensive online marketing strategies and offering attractive and easy entry sales packages as well as convenient financing schemes to drive sales performance. In August 2022, the division launched Adenia Apartments in Bandar Parklands, Klang with an encouraging take-up rate of 66% and also successfully handed over Paradigm Residence in Johor Bahru in September 2022. Additionally, The Maple Residences (Tower C) in W City OUG @ Kuala Lumpur which was launched in October 2022 has achieved a take-up rate of 53% to date.

Meanwhile, the reopening of all economic sectors and international borders has also benefitted the Group’s Property Investment and Management Division. WCT’s retail malls, including Paradigm Mall Petaling Jaya, Paradigm Mall Johor Bahru, gateway@klia2 and SkyPark Terminal saw a surge in business activities with higher footfall, better occupancy rates and higher demand for retail spaces.

Separately, the rebranding exercise of the Group’s hotel at Paradigm Petaling Jaya to the 5-star Le Méridien Petaling Jaya on 1 June 2022, under a franchise agreement with Marriott International has expanded the business opportunities for the hotel through its widened distribution network. This helped strengthen the hotel’s corporate segment through securing new corporate accounts, leading to a business recovery near to its pre-pandemic level.

“Moving forward, the Group’s Engineering and Construction Division will leverage on its expertise to focus on pursuing infrastructure and buildings related tenders locally and regionally. WCT has a strong local and international proven track record, including the completion of the MRT Putrajaya Line (Package V204 and S204) and infrastructure works of the Lusail Boulevard in Downtown Lusail, Doha, Qatar, the venue of the FIFA World Cup 2022 in FY2022. The Property Development Division will focus on new launches of affordable luxury projects in the Klang Valley and Johor while expediting the sales of its property inventory amidst the current challenging property landscape,” said Dato’ Lee.

He added that with the current robust tourism and business activities, the Group’s retail malls and hotels will continue to introduce exclusive customer experiences, attractive promotions, and unique F&B offerings to its patrons. For instance, in conjunction with the school holidays in June 2023, WCT Malls launched WCT Buddy Kids, an extension of the mall’s ongoing loyalty programme WCT Buddy. Through WCT Buddy Kids, buddy members and their children can enjoy delightful perks including an impressive lineup of edutainment activities including those offered by the respective malls’ collaborative partners such as HASBRO, Robocar Poli, Kiddypedia, Farm In The City and The Bentong Farm. To date, the malls have recruited a total of 50,000 Buddy members and 4,200 new Buddy Kids members.