HAILY Group Bhd, a key player in Johor’s construction industry has seen its net profit for the nine-month period ended Sept 30, 2024 edged up 29.6% year-on-year (yoy) to RM6.19 mil (9M FY2023: RM4.78 mil) on growth driven by stronger construction business in the state.
Specifically for its 3Q FY2024, the southern region-based builder recorded a 17.1% yoy growth in its pre-tax profit to RM2.98 mil while its net profit came in .4.5% higher at RM2.14 mil.
Revenue for the quarter under review rose 1.6% to RM84.83 mil from RM83.49 mil in the corresponding quarter of the previous year. For 9M FY2024, Haily reported a revenue of RM239.56 mil or 8.57% higher from the RM220.64 mil generated a year ago.
This growth was primarily driven by steady progress across the group’s on-going construction projects, underscoring its ability to execute its pipeline effectively.
The ACE Market-listed Haily continues to maintain a strong financial position as a net cash construction company with its cash and short-term deposits totalling RM21.47 mil as of end- September 2024.
This solid cash position reinforces the group’s resilience and capacity to fund operations and future growth opportunities.
Additionally, the group recorded a positive cash flow from operations of RM5.42 mil for 9M FY2024, marking a turnaround from a net outflow of RM8.79 mil in the same period of last year.
“Haily has secured contracts valued at RM732.41 mil for 2024 which significantly surpass the RM272.14 mil secured in the entire 2023,” commented Haily’s founder and executive director See Tin Hai.
“With a robust order book and a strong financial position, we’re poised to capitalise on the positive outlook of Malaysia’s construction sector. Our focus remains on operational efficiency and delivering quality projects that drive sustainable growth for the group.”
Haily currently has 25 on-going projects with a cumulative total contract value exceeding RM1.11 bil which reinforces its strong project pipeline k for the next two years. These projects are expected to be progressively completed between 2024 and 2026.
At 9.49am, Haily was down 0.5 sen or 1.85% to 26.5 sen with 148,400 shares traded, thus valuing the company at RM104 mil. – Nov 28, 2024
