KUALA LUMPUR: Taliworks Corp Bhd's net profit jumped 49.4 per cent to RM15.03 million in the first quarter (Q1) ended March 31, 2024 from RM10.06 million a year ago.
The company said this was due to increase in the bulk water supply rate for its water treatment and supply division, and a higher share of results from jointly controlled entity Grand Sepadu (NK) Sdn Bhd, on the back of a toll compensation by the government.
However, its revenue remained relatively flat at RM93.33 million in Q1 2024 compared with RM93.53 million previously.
"The revenue contributed by the water treatment and supply segment was lower due to lower electricity rebates, but this was mitigated by higher revenue, contributed by the toll highway segment from higher average daily traffic," it said in a statement.
Taliworks declared a first interim dividend of one sen per share amounting to RM20.16 million, to be paid on June 28.
Taliworks executive director Kevin Chin Soong Jin said the company expects even greater contribution from its renewable energy division.
This is driven by the company's ongoing panel replacement efforts at TR CPark (Sdn Bhd) and TR Sepang (Sdn Bhd), set for completion by Q3 2024.
"Our strategy remains focused on growth in our core water, construction, and renewables division," he added.