WCT Achieves RM173m Profit in 3Q, Bouncing Back from Loss
26 November 2024
PETALING JAYA, 26 NOVEMBER 2024 - WCT Holdings Bhd posted a turnaround in its third-quarter performance for 2024, recording a net profit of RM173.22 million, compared to a net loss of RM13.54 million in the same period last year. The improvement was largely driven by a net gain of approximately RM184 million from the remeasurement of interest in a jointly controlled entity.
Despite the profit surge, the company’s revenue declined to RM437.46 million in 3Q, down from RM496.56 million previously.
The engineering and construction segment remained the primary revenue driver, contributing RM227 million, or 52% of total revenue.
Property development and property investment & management segments contributed RM139 million (32%) and RM71 million (16%) to the consolidated revenue, respectively.
For the first nine months of FY2024, WCT’s net profit rose to RM220.63 million, a strong recovery from a net loss of RM8.23 million in the same period last year, although revenue declined by 3% to RM1.28 billion from RM1.33 billion.
WCT’s group MD, Datuk Lee Tuck Fook, highlighted the resilience of its property development segment, especially in Johor, where infrastructure projects are driving demand despite a challenging market.
Looking ahead, the group aims to focus on key milestones in its engineering and construction division and remains optimistic about the property market, driven by Malaysia’s economic growth and improving business and consumer confidence.
WCT’s share price closed 0.55% lower at 90.5 sen today, resulting in a market capitalisation of RM1.412 billion. — TMR
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