KUALA LUMPUR: UEM Edgenta Bhd’s net profit for the financial year ended Dec 31, 2020 (FY20) dropped to RM13.46 million compared with RM181.78 million registered in the preceding year.
Revenue slipped to RM2.04 billion from RM2.41 billion previously, the asset management and infrastructure solutions company said in a filing with Bursa Malaysia today.
Excluding the one-off RM50 million impairment undertaken in the first half of FY20 -- as part of the efforts to restructure and rationalise non-core businesses compounded by the challenging global economy -- it registered normalised net profit of RM64.9 million.
It said the company’s balance sheet also remained healthy with a low gross gearing ratio of 0.32 times, strong net cash position, and bank balance of RM206.1 million.
For its business division performance, the group’s healthcare support division reported higher year-on-year revenue growth supported by key contract wins from both commercial and concession businesses valued at RM1 billion.
In the year under review, the healthcare support division recorded a revenue of RM1.23 billion.
The property and facility solutions division also gained traction during the year under review by securing new contracts, which include facilities management contracts for CIMB branches, and maintenance services for Universiti Teknologi Petronas’ district cooling plant with a registered revenue of RM154 million.
UEM Edgenta’s infrastructure services division and asset consultancy division also recorded a respectable performance for FY20, with revenue of RM550.3 million and RM91.9 million respectively.
Managing director/chief executive officer Syahrunizam Samsudin said the company would continue to assess strategic initiatives to sustainably grow through new products and technology solutions, as well as driving further efficiencies in operations this year against the backdrop of a fast-evolving and volatile economy.
Despite facing challenges in the current operating environment, UEM Edgenta said the year was closed with a healthy order book across all business divisions, with RM12.2 billion work-in-hand at the end of FY20. -Bernama
