KUALA LUMPUR: Unitrade Industries Bhd has registered a net profit of RM10.06 million in the first quarter (Q1) ended June 30, 2022, on the back of a RM342.47 million revenue.
As this was the company's first interim financial report published post listing, there was no comparative figures for the corresponding year's quarter.
The company said for the 12-month financial period ended March 31, 2022 (FY22), it had recorded a net profit of RM43.2 million on the back of a RM1.29 billion revenue.
This was the company's historic high, managing director Nomis Sim Siang Leng said,
He said after a record-breaking FY22, the company was delighted to kickstart the new financial year with another solid showing.
"Despite retreating steel prices, we still recorded solid net profit thanks to the recovery in construction activities," he said in a statement today.
Meanwhile, during the company's annual general meeting this morning, Sim said there were obvious macro challenges ahead with the ongoing monetary tightening and fear of a recession.
"However, we are generally positive about the prospects ahead with the government's commitment to proceed with mega-infrastructure projects such as the Mass Rapid Transit Line 3 (MRT3) and East Coast Rail Link (ECRL).
"The magnitude of these projects will stimulate positive knock-on effects on the industry. Evidently, loan approvals for construction have also been at the highest in recent times. Unitrade will be ready to capitalise on these opportunities," he added.
According to data published by Bank Negara Malaysia, loans approved for construction amounted to RM8.68 billion in Q2 2022, higher than all available records dating back to 2015.