KUALA LUMPUR: Kedah-based Bina Darulaman Bhd's net profit rose to RM11.13 million in the fourth quarter ended December 31 2021 from RM10.97 million previously, despite challenging operating environment as a result of the Covid-19 pandemic and the subsequent nationwide lockdowns.
Group revenue for the quarter stood at RM210.62 million, down 4.08 per cent from RM219.56 million in 2020 due to the strict containment measures mandated under the National Recovery Plan (NRP) imposed during the year.
For the full year, Bina Darulaman's net profit was flat at RM5.29 million on the back of RM210.62 million revenue, down from RM219.58 million in 2020.
Bina Darulaman said its property division posted slightly lower revenue of RM100.2 million last year compared to RM102.7 million in 2020. This was due to lesser sale of completed units compared to 2020.
However, the division recorded higher pre-tax profit of RM6.9 million compared to RM2.6 million in 2020 due to the change of the group's leisure business model.
Bina Darulaman chief corporate officer Mohd Iskandar Dzulkarnain Ramli said it ongoing profitability in 2021 was made possible as a result of the company's focus and pursuit on enhancing its core business.
"Moving ahead in 2022, with sizeable projects in hand, we will continue to implement and embed these measures into the group in order to enhance our core businesses, improve financial sustainability, embrace digital transformation and carve out new revenue streams.
"These measures will ensure the group realigns its business amd operational structure, sharpens productivity and strengthens capital efficiency, thereby reinforcing its ability to withstand adversity, bounce back from difficult life events and maximise opportunities in 2022," he added.
Bina Darulaman is confident that existing and future projects will continue to provide sustainable business and boost its performance as it moves forward.
Elaborating on the results, Bina Darulaman said its engineering, construction and quarry division posted lower revenue of RM109.2 million compared to RM115.0 million in 2020.
The division recorded lower pre-tax profit of RM4.3 million compared to RM11.4 million in 2020 due to higher operating and administrative costs.
"The fall in the division's revenue and pre-tax profit can be attributed to strict containment measures under the NRP which dampened contruction activities in 2021, particularly in Kedah. In fact, Kedah experienced the longest period under the lockdown more than any other state which had a detrimental effect on the group's core business activities," the company said.