Posted by Jimmy Song > 2019-05-29 19:39 | Report Abuse

Crest Builder Holdings Berhad (“Crest Builder” or “the Group”) made a sterling start to its financial year by reporting a 31.8% year on year increase in its revenue to RM163.8 million for its first quarter of financial year ending 31 December 2019 (“Q1FYE2019”). In line with its revenue growth, the Group reported a profit before tax (“PBT”) of RM16.7 million and profit after tax and minority interest (“PATAMI”) of RM10.0 million as compared to Q1FYE2018’s RM12.5 million and RM7.6 million, translating to an increase of 34.3% and 31.3% respectively. The commendable set of financial results was mainly attributed to the Group’s construction and property development divisions, followed by their concession arrangement division and investment division. The construction and property development divisions accounted for 62.1% and 29.5% of the Group’s revenue respectively. During the quarter under review, the Group’s construction division recorded a revenue of RM101.8 million and PBT of RM1.7 million as compared to Q1FYE2018’s RM66.3 million and RM1.5 million respectively. The significant increase of 53.5% and 13.3% were mainly due to higher progressive construction progress recognised from certain projects during the financial period under review, namely South Brooks Residences, Quarza Mall & Residences and Capri Hotel. The Group’s property development division’s revenue and PBT stood at RM48.4 million and RM13.5 million as compared to Q1FYE2018’s RM42.4 million and RM8.0 million respectively. The exemplary increase of 14.2% and 68.8% were mainly due to higher sales from its Batu Tiga Phase 2 (Residensi Hijauan) project during the current quarter. As at 31 March 2019, the Group’s current outstanding construction order book amounted to approximately RM1 billion which will allow the Group to continue providing clear earnings visibility over the next few years. “I am pleased to announce a strong first quarter financial result with meritorious growth in revenue and earnings as compared to its preceding period. The tremendous growth was mainly contributed by our on-going construction and property development projects. With that said, I am very proud of our people at Crest Builder and am optimistic we will be able to continue to deliver sustainable earnings growth and provide exceptional value to our shareholders,” commented Eric Yong, Group Managing Director of Crest Builder.