CIVIL engineering specialist Sarawak Consolidated Industries Bhd has been granted the green light by Bursa Malaysia Securities Bhd to resume trading on Wednesday (Jan 19) after having issued its Annual Report 2021 which includes the annual audited financial statements (AFS) together with the directors’ reports for 18-month financial period ended June 30, 2021.
SCIB further announced that the company’s 45th annual general meeting (AGM) will be held virtually on Feb 28 at 11am.
SCIB was suspended with effect from 9am on Nov 9, 2021 for failure to issue its annual report that includes the annual audited financial statements together with its auditors’ and directors’ reports for the financial period ended June 30, 2021 within the stipulated time frame of Oct 31 pursuant to paragraph 9.23(1) of Bursa Securities’ Main Market Listing Requirements (MMLR).
The company was last traded at 20.5 sen which gave it a market capitalisation of RM119 mil.
Moving forward, SCIB will focus on creating value and optimising its performance in 2022 by putting full attention to expand its operations into Peninsular Malaysia and East Malaysia, according to the company’s group managing director/CEO Rosland Othman.
“Even though we are met with a setback, SCIB is not deterred as we have other projects progressing according to schedule and we are also taking the initiative to look for opportunities in Malaysia and other neighboring countries,” he pointed out in a media statement.
“Having recognised potential prospects domestically and regionally, SCIB intends to fully capitalise on the emerging markets by re-strategising our geographical positioning.”
Currently, SCIB’s is targetting business growth by focusing on concessions of roadwork maintenance projects across Malaysia, housing development projects including PR1MA and Perumahan Penjawat Awam Malaysia (PPAM)and water treatment plant projects.
“We also do not restrict ourselves to winning contracts on specific areas or projects as our focus is mainly on high credible paymasters and project owners,” noted Rosland.
“We are still optimistic about the SCIB’s current and future prospects with SCIB aspiring to be one of the main players in the global market. We hope to re-instill our shareholders’ confidence in us, as we believe that SCIB is prepared to grab any business opportunities that will emerge this year, further improving our existing RM1.2 bil order book”
In its financial period ended June 30, 2021, SCIB recorded a revenue of RM199 mil and pre-tax profit of RM5.7 mil. The PBT is derived after the impairment losses on trade receivables and other receivables of RM63.5 mil and RM3.6 mil respectively.
The impairment on trade receivables is mainly due to the long outstanding debts from overseas projects. Its net outstanding balance was fully impaired in compliance with MRFS 9. – Jan 17, 2022
