GDB REPORTS 2Q18 NET PROFIT OF RM9.1 MILLION (PRESS RELEASE – 23RD AUGUST 2018)

  • Eyeing more large-scale construction projects to expand order book; current tender book stands at RM1.4 billion
  • Declares single tier interim dividend of 1.0 sen per share in respect of FY2018; book closure on 12 September 2018

Selangor, Malaysia, 23 August 2018 – Construction services firm GDB Holdings Berhad (GDB, the Group, GDB控股有限公司, Bloomberg: GDB:MK, Reuters: GDBH.KL) reported net profit of RM9.1 million on the back of RM68.4 million in revenue in the second quarter ended 30 June 2018 (2Q18).

The Group recorded revenue and net profit of RM149.5 million and RM15.7 million respectively for the six months ended 30 June 2018.

GDB recorded a 38.4% quarter-on-quarter (qoq) increase in 2Q18 net profit to RM9.1 million from RM6.6 million in the preceding quarter ended 31 March 2018 (1Q18). The higher net profit was mainly driven by cost savings for completed projects arising from finalisation of accounts with clients and subcontractors, as well as from progressive review of costs on completed works for projects near completion.

This was despite the 15.7% qoq decrease in the Group’s revenue to RM68.4 million in 2Q18 from RM81.1 million in 1Q18.

 Mr. Cheah Ham Cheia (谢汉), Managing Director of GDB Holdings Berhad said:

 “We aim to secure more large-scale construction projects to grow our order book and strengthen our prospects. To this end, we are currently participating in various tenders for high-rise projects amounting to RM1.4 billion.”

 We are optimistic of securing new contracts given our stellar track record for delivering projects before their contractual completion dates, which was further boosted by our recent completion of the 38-storey Menara Etiqa office tower ahead of schedule.”

Read the full press release here.

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