ACE Market-bound GDB Holdings posts record FY17 net profit

KUALA LUMPUR (March 23): GDB Holdings Bhd, en route to list on the ACE Market of Bursa Malaysia on Tuesday, reported a record net profit of RM22.5 million for the financial year ended Dec 31, 2017 (FY17), up 39.9% from RM16.1 million in the previous year, on the back of higher revenue and enhanced efficiency.

Revenue rose 7.2% to RM296.8 million in FY17, from RM276.9 million in FY16.

In a filing with Bursa Malaysia yesterday, GDB said in 2017, it commenced work on two new projects, namely Aira Residence in Damansara Heights and Menara Hap Seng 3 within the Kuala Lumpur City Centre.

The group’s bottom line was also boosted by the completion of works ahead of contractual completion date for high-rise projects and lower material costs for various completed projects, as compared with the budgeted material costs.

In a separate statement, GDB managing director Cheah Ham Cheia (pictured) said the group will begin the new financial year on a strong footing, with its order book exceeding RM850 million as at Feb 6.

“We will continue to target more opportunities in the construction industry, and are currently pursuing various tenders for high-rise projects in the Klang Valley,” Cheah said.

For the fourth quarter ended FY17, it posted a net profit of RM5.95 million on revenue of RM88.47 million. There were no comparative figures for the preceding year’s corresponding period, being the first interim financial report on the consolidated results announced by the group in compliance with the ACE Market’s listing requirements.

This article first appeared in The Edge Financial Daily, on March 23, 2018.

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