KUALA LUMPUR (Feb 24): WCT Holdings Bhd returned to profitability in the financial year ended Dec 31, 2021 (FY2021), with a net profit of RM97.3 million compared to a net loss of RM213.57 million in 2020.

The biggest contributor to profit was the engineering and construction division, which saw its operating profit jump to RM330 million from RM44 million previously mainly due to the favourable settlement of arbitral awards.

Revenue grew to RM1.75 billion from RM1.7 billion previously, it said in a filing with Bursa Malaysia Thursday.

For the fourth quarter of FY2021 (Q4 2021), the group posted a net profit of RM51 million versus a net loss of RM222.81 million a year earlier, but revenue was lower at RM420.99 million compared with RM543.1 million previously.

In a statement, WCT group managing director Datuk Lee Tuck Fook said the group remained resilient and registered a satisfactory performance amid the continuing waves of Covid-19 and the challenging macroeconomic conditions in 2021, with all business divisions contributing to the group's performance.

"This was enabled by the engineering and construction division's relentless effort on project execution and the increase in demand for the group's products and services in line with the easing of lockdowns, vaccinated travel lane arrangements and re-opening of the economy towards the second half of 2021," he said.

On prospects, Lee said the company would remain focused on project execution while pursuing new opportunities for engineering and construction jobs to replenish its outstanding order book of RM4.7 billion.

"We will continue to offer attractive sales incentives through our property development offers and launches, while our retail malls will continue to introduce exclusive customer experiences and unique food and beverages offerings to our customers," he added.

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