Kerjaya Prospek's 2Q net profit, revenue jump on higher billings

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KUALA LUMPUR: Kerjaya Prospek Bhd CEO and executive director Tee Eng Tiong says he is cautiously optimistic as the prices of raw materials have started to taper off from highs recorded in the first half of 2022.

In addition, he said the construction firm's application for its first batch of 500 foreign workers have recently been approved, which provides it with the resources to take on more jobs.

"Our main focus is to continue securing new contracts to bolster our order book and enhance our operational efficiency to boost our bottomline," he said in a statement accompanying its results announcement.

In the second quarter ended June 30, 2022, Kerjaya Prospek recorded a net profit of RM28.54mil, which was a 78.31% jump from RM16mil in the previous corresponding quarter.

Earnings per share rose to 2.3 sen from 1.29 sen in the comparative quarter.

The group reported revenue of RM276.92mil, a 45.83% year-on-year improvement due to higher progress billings as there were no disruptions at the work sites compared to last year.

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The board of directors declared a second interim dividend of one sen per share, going ex on Sept 8, 2022, and payable on Oct 7, 2022.

"Despite facing multiple headwinds such as supply chain disruptions, shortage of labour and escalating raw material prices in the first half of 2022, we persevered and exhibited our core expertise to continue securing new contracts and record a stellar financial performance.

"Year to date, we have secured RM1.3 billion worth of contracts, which bolstered our outstanding order book to RM4.3bil (as at 30 June 2022). which will provide earnings visibility over the next three years," said Tee.

Kerjaya Prospek said its balance sheet remained healthy with a net cash position of RM214.6mil and a current ratio of 6.1 times as at June 30, 2022.

It said the strong cash position provides it with a solid buffer to withstand potential economic downturns.

For the six months period to June 30, 2022, Kerjaya Prospek has a cumulative net profit of RM57.4mil on the back of revenue of RM577.51mil as compared to RM42.39mil and RM458.56mil previously.