KUALA LUMPUR: Ageson Bhd registered a net profit of RM5.1 million for its first quarter (Q1) ended 30 September 2020 (FY21), representing an increase of 150 per cent from RM2.12 million posted in the same period last year.
Revenue stood at RM21.5 million, a 113 per cent increase as compared to RM10.1 million a year ago, according to a filing with Bursa Malaysia today.
The positive results were achieved mainly due to the higher progress billing recognised from construction projects, which contributed 87.4 per cent of the total revenue, with the balance from its property division.
Executive Director Datuk Sri Chin Kok Foong said the first quarter has been a transformational period for the company, marked by significant accomplishments such as the venture into the sand trading business.
"While the progress has been impacted due to the implementation of movement control order (MCO) in response to the Covid-19 pandemic, we are optimistic that we will commence the operations by December 2020.
"With this contribution, we hope to achieve another record-year profit in FY2021," he said in a statement.
Further commenting on the earnings, executive director Datuk Sri Liew Kok Leong said the group will focus on embracing digital transformation, innovation and Industry 4.0, enhance best practices of sustainability.
"The Group is focusing on fostering workforce agility and build future-ready competencies that are responsive to market changes, and drive robust risk management as well as enhance accountability and performance-based culture.
"We will continue to develop new ventures complementary to core businesses, form strategic partnerships for regional expansion and enhance growth through strategic mergers and acquisitions," he said.