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WCT Group Records RM51 Million In Net Profit For Q4FY21



WCT Holdings Berhad (“WCT” or “the Group”), an investment holding company with businesses in engineering and construction, property development and investment in and management of retail malls and hotels registered revenue of RM421 million for its fourth quarter ended 31 December 2021 (“Q4FY21”) as compared to RM543 million in the preceding year’s corresponding quarter. The Group registered profit attributable to equity holders at RM51 million as compared to a loss attributable to equity holders of RM223 million recorded in the corresponding fourth quarter of 2020.

For the current year, the Group recorded a higher revenue of RM1,753 million as compared to the RM1,705 million registered in the preceding year (“4QFY20”). The Group’s profit attributable to equity holders increased to RM97 million as compared to the preceding year’s loss of RM214 million.

The Group’s Engineering and Construction Division continued to maintain upward momentum for the current year, with revenue and operating profit of RM1,283 million and RM330 million as compared to RM1,253 million and RM44 million in the preceding year. Higher operating profit in the current year was mainly due to gain from the settlement of arbitral awards.

Meanwhile, the Group’s Property Development Division recorded higher revenue of RM317 million (4QFY20: RM279 million) on the back of higher operating profit of RM62 million (4QFY20: RM48 million). The higher revenue and operating profit were mainly due to the sale of vacant lands. The Group’s property sales increased by 50% to RM525 million from RM350 million recorded in the preceding year. As of 31 December 2021, the Group’s unbilled sales stood at RM211 million.

The Property Investment and Management Division reported revenue of RM152 million (4QFY20: RM173 million) and an operating profit of RM66 million (4QFY20: -RM4 million) respectively. The operating loss in the preceding year corresponding period was due to prolonged business disruption caused by the COVID-19 pandemic and movement restrictions imposed by the Government.

The Group’s basic earnings per share was registered at 6.90 sen as compared to the basic loss per share of 15.24 sen recorded in the preceding year.

Dato’ Lee Tuck Fook, WCT’s Group Managing Director said “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.”

Looking ahead, the Group 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 5 years old as well as the opening of the nation’s international borders.

Dato Lee added, “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 RM4.7 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 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.”
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