SCIB reports RM166.9 million revenue for FY2024, up 26.44 pct compared to FY2023

KUCHING (Aug 29): Industrialised building systems specialist Sarawak Consolidated Industries Berhad (SCIB) has announce its financial results for the fourth quarter of the fiscal year 2024 (Q4FY2024) and the full year ended June 30, 2024 (FY2024).

For the full financial year, SCIB reported a revenue of RM166.9 million, reflecting a 26.44 per cent increase compared to RM132 million in the previous fiscal year (FY2023).

The company’s Profit Before Tax (PBT) for FY2024 stood at RM7.2 million, a substantial turnaround from a loss of RM22.1 million in FY2023, highlighting the effectiveness of its strategic focus and operational efficiencies, said SCIB in a statement.

As for Q4FY2024, SCIB said its construction or engineering procurement construction and commissioning (EPCC) and manufacturing divisions continued to drive its strong financial performance.

The company said its core business, the manufacturing division, reported a revenue of RM27.3 million, reflecting a robust demand for its products while construction or EPCC segment contributed RM17.7 million, demonstrating its effective project execution and cost management strategies.

According to SCIB, the year-over-year (YoY) comparison for Q4FY2024 shows a strong performance, with revenue of RM45.1 million, representing a 33.44 per cent increase compared to RM33.3 million in the same quarter of the previous fiscal year (Q4FY2023).

The company’s PBT for the quarter was RM1.9 million, a significant improvement from a Loss Before Tax of RM18.5 million in Q4FY2023, largely due to a higher revenue base and streamline of operations to achieve costs efficiency, said SCIB.

Compared quarter-on-quarter (QoQ), SCIB said it experienced consistent growth, with revenue increasing from RM44.3 million in Q3FY2024 to RM45.1 million in Q4FY2024.

The company added that the PBT also rose from RM1.6 million in Q3FY2024 to RM1.9 million in Q4FY2024, reflecting the SCIB’s ongoing efforts to optimise operations and capitalise on market opportunities.

During Q4FY2024, SCIB achieved several key milestones including the successful acquisition of five industrial leasehold plots in Demak Laut Industrial Park here, said the company.

“This acquisition is expected to significantly enhance the company’s production capacity, positioning SCIB to meet the increasing demand for concrete-related products in large-scale infrastructure projects across Malaysia.

“This expansion is a testament to SCIB’s commitment to growth and operational efficiency,” added SCIB.

SCIB managing director Ku Chong Hong commented: “We are proud of our strong performance in FY2024, which demonstrates our strategic focus and operational excellence.”

He pointed out that the successful completion of one of SCIB’s school projects and the acquisition of new land for its production facilities are critical steps in the company’s long-term growth strategy.

“We remain committed to delivering value to our stakeholders by maintaining profitability and exploring new opportunities in the construction and manufacturing sectors,” he said.

Looking ahead, SCIB pledged to remain optimistic about its prospects, driven by its continued focus on strategic recalibrations and a proactive approach to seizing growth opportunities.

“The company is well-positioned to navigate the evolving economic landscape, aiming to drive sustainable growth and deliver long-term value to its stakeholders,” added SCIB.