PETALING JAYA: Construction services company Tuju Setia Bhd’s net profit doubles to RM0.9 million for its first quarter ended March 31, 2023 (Q1’23), compared with RM0.4 million in its corresponding quarter last year, driven by expedited works for ongoing projects and commencement of new projects.
Revenue rose 75.2% to RM149.3 million from RM85.2 million for the same quarter last year, mainly due to higher billing recognition from on-going projects and commencement of new projects namely Jernih Residence in Kajang, Selangor and Emerald 9 (Phase 2) in Cheras, Kuala Lumpur.
Managing director Wee Eng Kong said that with the prices of building materials now less volatile, especially for steel related materials, the group hopes to achieve a better recovery on earnings for the current financial year ending Dec 31, 2023. It is also scheduled to complete several on-going projects this year.
“With the scheduled increase in work volume, we are continuously working to uplift our project management capabilities and exercise stringent work quality processes to ensure that we deliver timely good quality work to our clients.
“On prospects, we continue to receive numerous tender invitations from both existing and new clients...positive of securing more wins to propel our momentum,” he said in a statement.
As at March 31, 2023, the group has an order book of RM1.3 billion to be recognised until 2026. Tuju Setia’s on-going projects include Sunway d’hill Residences (Kota Damansara), One Equine (Seri Kembangan), The Pulse Residence (Puchong), 121 Residences (Petaling Jaya), Lakefront Condominiums @ Emerald Hills (Cheras), Riana Dutamas (Segambut), Tuai Residence (Setia Alam) as well as the Kajang Women and Children Hospital.