The project will be carried out by TPGSB, in collaboration with Widad Business Group Sdn Bhd a subsidiary of Widad Group Bhd and is scheduled for commercial operations in 2031.
Revenue Revenue for the quarter ended 31 March 2023 (“1Q2023”) increased by 21% against preceding year corresponding quarter (“1Q2022”), mainly contributed by the construction segment. However, the IFM segment dropped significantly following expiry of contract to maintain the national palace in second quarter of FYE2022. On the back of the revenue, the Group achieved profit amid lower amount and margin as compared to 1Q2022. This is mainly due to lower gross margin from construction projects.
The Group revenue for 1Q2023 was 96% higher against 1Q2022. Construction segment continued its recovery momentum whereby it achieved 132% increase quarter-to-quarter. This segment contributed 94% of Group’s revenue for 1Q2023 (1Q2022: 79%). In terms of profitability, the Group achieved gross profit of RM6.69 million and net profit before tax of RM0.63 million, a recovery from loss position in 1Q2022. Previous quarter loss was due to downward revision of projects’ estimated profits due to costs escalation.
Prospects The Group is optimistic of its prospects to improve its financial results for the financial year ending 2023, propelled by its remaining order books amounting RM1.52 billion, contributed by construction segment amounting RM0.66 billion and IFM/Concession segment amounting RM0.86 billion. The Group continues to participate in public and private sector tenders and explore opportunities that could provide long term and stable revenue and cashflow stream. As explained in Note A12, the Group completed the acquisition of Palm Shore Holdings Sdn Bhd, a company that owns concession business to construct and maintain TLDM training camp in Johor. As at the date of this report, PSHSB has remaining concession period of another seventeen years. The Group is continuously monitoring its business operations to ensure it is driven towards greater level of efficiency, productivity, competitiveness and good governance.
Proposed Private Placement Exercise On 21 July 2022, on behalf of the Board of Directors of Widad Group Berhad (“Widad”), M&A Securities Sdn Bhd announced that the Company proposes to undertake a private placement of up to 259,250,000 new ordinary shares in Widad, representing not more than 9.42% of the issued ordinary shares in Widad (“Proposed Private Placement”) On 3 August 2022, M&A Securities Sdn Bhd, on behalf of the Company announced that the listing application to Bursa Malaysia Securities Berhad in relation to the Proposed Private Placement has been submitted on even date. Further on 16 August 2022, M&A Securities Sdn Bhd, on behalf of the Company made an announcement that Bursa Securities had, vide its letter dated 16 August 2022, approved the listing of and quotation for up to 259,250,000 new ordinary shares to be issued pursuant to the Proposed Private Placement on the ACE Market of Bursa Securities subject to the following conditions: a) Widad and M&A Securities must fully comply with the relevant provisions under the Listing Requirements pertaining to the implementation of the Proposed Private Placement; b) Widad and M&A Securities to inform Bursa Securities upon the completion of the Proposed Private Placement; and c) Widad to furnish Bursa Securities with a written confirmation of its compliance with the terms and conditions of Bursa Securities’ approval once the Proposed Private Placement is completed. On 29 November 2022, the Board of Directors of Widad announce that the resolution for the proposed waiver of statutory pre-emptive rights of the shareholders was duly passed at the Extraordinary General Meeting held on even date. On 15 February 2023, on behalf of the Board, M&A Securities announced that Bursa Securities had vide its letter dated 15 February 2023, approve an extension of time of 6 months up to 15 August 2023 to complete the implementation of the Private Placement. To date Widad has issued 64,075,000 at price between RM0.3820 to RM0.40 per Placement Shares and the Company is in the midst of securing potential investors for the implementation of the balance of 195,175,000 placement shares.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
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Posted by nasgee > 2022-12-15 09:39 | Report Abuse
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