GDB’s FY2018 net profit soars 23.9% to RM27.9 million [PRESS RELEASE]

  • Optimistic of effectively navigating the challenging environment prevailing in the construction sector
  • Declares 2nd interim single tier dividend of 1.0 sen per share in respect of FY2018; ex-date 8 March 2019, payment date 29 March 2019

Selangor, Malaysia, 22 February 2019 – Construction services firm GDB Holdings Berhad (GDB, GDB控股有限公司, Bloomberg: GDB:MK, Reuters: GDBH.KL) saw the early completion of construction projects propel group net profit by 23.9% to RM27.9 million in the financial year ended 31 December 2018 (FY2018) compared to RM22.5 million in the previous financial year.

The growth in net profit was driven by lower amounts incurred for preliminaries compared to budgeted figures due to early deliveries of Etiqa Office Tower on 13 July 2018 and Westside III on 20 October 2018. Preliminaries include site management cost, utilities, rental expense of machinery and equipment, and other related project maintenance and overhead expenses.

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

“We are optimistic that we will be able to effectively navigate the challenging environment prevailing in the construction sector due to our strong financial position.”

“GDB stands out from the competition due to its track record of consistently delivering projects ahead of their contractual completion dates for reputable customers that prioritize high quality workmanship. Furthermore, it is noteworthy that we have delivered ahead without comprising on safety measures, as the projects achieved high safety assessment scores from industry authorities.”

“These aspects will prove crucial to securing new contracts, especially in an environment where property developers and project owners have their pick of main contractors.”

“Going forward, we will continue to identify ways to further enhance the competitiveness of our bids, including raising the bar in employing cutting-edge technologies and construction methods to achieve quicker project delivery times and better overall quality in our construction works.”

Read the full press release here.