GDP Recovery Augurs Well for WCT
17 June 2022

KUALA LUMPUR: WCT Holdings Berhad is cautiously optimistic about the current economic outlook now that the country has transitioned into the endemic phase.

In a statement, the engineering and construction group said the gradual normalisation of economic and social activities would augur well for the group’s businesses.

Group managing director Datuk Lee Tuck Fook said the expected recovery of the gross domestic product following the increase from 4.3% in January to 5.4% in March would further contribute to the group’s growth.

“The recovery will enhance WCT group’s revenue, in light with the resumption of global and domestic economic activity, opening of the international borders, normalisation of labour market conditions, increase in consumer spending, and continuation of large infrastructure projects,” he said in the statement.

In the financial year ended Dec 31, 2021 (FY21), WCT posted a net profit of RM97.29mil on revenue of RM1.75bil.

WCT noted that in 2021, its engineering and construction division secured RM1.48bil worth of new contracts despite the competitive landscape and challenging market conditions.

Meanwhile, all resolutions tabled at its AGM on Wednesday were passed, including the final single-tier cash dividend of 0.5 sen per ordinary share for FY21.

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