KUALA LUMPUR, Feb 24 — IJM Corp Bhd’s net profit for the third quarter ended December 31, 2021, declined to RM98.44 million compared to RM146.34 million recorded in the same period last year.
Revenue fell to RM1.27 billion from RM1.44 billion previously, the group said in a filing with Bursa Malaysia today.
It said the lower revenue was contributed by weaker performance in the property development and construction segment and the ceased recognition in the plantation segment after the completion of stake sale of IJM Plantations to KLK.
As business activities continue to recover, the group expects its operational performance to gradually improve going forward.
“With catalysts seen across most of the group’s business divisions, coupled with a healthy balance sheet (net gearing of 0.28 times), the prospects of the group are encouraging,” it said.
The group’s outstanding construction order book currently stands at RM4.2 billion, which includes three construction contracts, secured in the quarter, worth RM680 million: Phase 2 of The ERA @ Duta North mixed development by JKG Land Bhd and Jendela Residences by Sime Darby Property Bhd, both in Kuala Lumpur, as well as a factory expansion for Hotayi Electronic (M) Sdn Bhd in Penang.
IJM said these three awards bring IJM Construction’s contracts won to eight projects worth RM1.34 billion in the financial year. — Bernama
