KUALA LUMPUR: WCT Holdings Bhd posted a net profit of RM51mil for the fourth quarter ended Dec 31, 2021 (4Q21) compared with a net loss of RM 222.81mil.
Revenue, however, fell 22.5% to RM420.99mil against RM543.1mil a year prior.
For the full financial year ended Dec 31, 2021 (FY21), WCT recorded a higher revenue of RM1.753bil as compared to the RM1.7bil registered in the preceding year.
The group's profit attributable to equity holders increased to RM97mil as compared to the preceding year's loss of RM214mil.
“WCT Group remained resilient and registered satisfactory performance amid the continuing waves of Covid-19 and the challenging macro-economic conditions in 2021.
All business divisions contributed 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,” group managing director Datuk Lee Tuck Fook said in a statement.
Looking ahead, WCT is cautiously optimistic that it will achieve a satisfactory overall performance this year with the nation's high vaccination rates, acceleration of booster vaccine, and vaccination of children above five years old as well as the opening of the nation's international borders.
“In 2022, we will remain focused on project execution, whilst pursuing new opportunities for engineering and construction jobs to replenish our outstanding order book of RM4.7bil.
“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 F&B offerings to our customers.
The safety and well-being of our staff, customers and business associates, as well as the general public and communities in which we operate, will remain our priority,” Lee said.