KUALA LUMPUR: Construction company Siab Holdings Bhd reported a net profit of RM107,000 for the second quarter of 2024 (2Q24) to reverse a net loss of RM3.91 million the corresponding quarter.
Its revenue dropped 43.2 per cent for the quarter to RM38.26 million from RM67.36 million attributed to fewer ongoing projects compared to the previous year's corresponding quarter.
However, Siab achieved a gross profit of RM2.55 million, a significant improvement compared to the gross loss of RM3.04 million reported in the previous year's corresponding quarter.
Group managing director Ng Wai Hoe said it will maintain a cautious strategy as it navigates the current market conditions, while staying focused on providing value to its stakeholders.
"The acquisition of Taghill Projects Sdn. Bhd has been instrumental in enhancing our project portfolio, allowing us to leverage each other's strengths and further solidify our market position.
"With the recent addition of experienced leaders to our board, we are more optimistic about the future," he said,
As of June 30, 2024, Siab's order book was valued at RM1.48 billion, with Taghill guaranteeing a cumulative profit of at least RM24.00 million for the financial years 2024 and 2025.