PETALING JAYA, Tuesday, November 29, 2022 — WCT Holdings Berhad (“the Group”), an investment holding company with businesses in engineering and construction, property development, and investment in and management of retail malls and hotels, reported higher revenue of RM470 million for its third quarter, which ended on 30 September 2022 (“Q3FY22”) as compared to RM452 million in the preceding year corresponding quarter, 30 September 2021 (“Q3FY21”). The results demonstrate the Group’s resilience in delivering its growth strategy across all business divisions amid the challenging environment. For Q3FY22, the Group also recorded a commendable profit attributable to equity holders of RM12 million as compared to a loss of RM35 million in Q3FY21.
Cumulatively, the Group recorded a higher revenue of RM1.6 billion for the nine months ended 30 September 2022 (“3QFY22”) as compared to the RM1.3 billion registered in the preceding year corresponding period (“3QFY21”). The Group’s profit attributable to equity holders increased 2.2 times to RM102 million as compared to RM46 million in 3QFY21.
The Group’s Engineering and Construction Division registered an operating profit of RM76 million (3QFY21: RM99 million) on the back of revenue of RM1.1 billion (3QFY21: RM945million). The higher operating profit in the preceding year corresponding period were mainly attributable to the reversal of cost accrued amounting RM48million from the settlement of an arbitration award.
Meanwhile, the Group’s Property Development Division recorded revenue and operating profit of RM397 million (3QFY21:RM270 million) and RM41 million (3QFY21:RM85 million) respectively. The higher revenue was mainly due to an increase in the revenue from the sale of vacant lands of RM214 million in the current period as compared to RM135 million in the preceding year corresponding period. The lower operating profit was mainly attributable to lower profit from the disposal of vacant lands in the current period of RM56 million as compared to RM76 million in the preceding year corresponding period. To date, the Group achieved property sales of RM382 million and its unbilled sales stood at RM303 million.
The Property Investment and Management Division reported higher revenue of RM139 million (3QFY21:RM117 million) resulting in a higher operating profit of RM73 million (3QFY21:RM57 million). The growth in revenue and operating profit arose from pick up of business activities as the country transitioned into the endemic phase and saw gradual improvement in international tourist arrivals.
The Group reported basic earnings per share of 7.16 sen as compared to basic earnings per share of 3.29 sen recorded in the preceding year corresponding period.
Dato’ Lee Tuck Fook, Group Managing Director, WCT Holdings Berhad said, “Despite the volatile environment, WCT Group managed to sustain its performance for the nine months of 2022. The Engineering and Construction Division continues to be the Group’s main contributor of revenue. The Group will continue to focus on project execution while identifying new opportunities to replenish the order book of RM3.8 billion.”
Commenting on the property segment, Dato’ Lee said the current endemic phase will continue to stimulate demand for the Group’s property development offers and launches. The Property Development Division’s latest low-density apartment, Adenia Apartments in Bandar Parklands Klang recorded sales take-up of 61% since its launch in August 2022. The division recently completed its Paradigm Residences development project in Johor Bahru and delivered vacant possession to its purchasers in September 2022. In October 2022, the division signed an exclusive contract with DWG Malaysia for the marketing rights of Tower C of The Maple Residences, W City OUG @ Kuala Lumpur. The partnership enables the most premium tower of the project to be marketed locally and internationally.
To usher the Yuletide season, WCT Malls is transformed into a fabulous Elf village complemented by the first of its kind pop-up book Christmas décors alongside exciting Christmas promotions and activities, inviting shoppers at Paradigm Mall in Petaling Jaya and Johor Bahru, gateway@klia2 and SkyPark Terminal to indulge in the joy of giving and receiving during this most anticipated season of the year. “We believe that with all these interesting events going on amid the upcoming festive season, we will continue to see a rise of footfall at our malls,” concluded Dato’ Lee.