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Thursday, March 22, 2018

GDB eyes construction sector after record earnings

Thursday, 22 Mar 20184:58 PM MYT

KUALA LUMPUR: GDB Holdings Bhd, with the current order book of RM850 million, will continue to eye more opportunities in the construction industry, said Managing Director, Cheah Ham Cheia.

In a statement on Thursday, Cheah said, as at Feb 6, 2018 the company's order book stood at RM854.9 million, comprising projects such as Westside III in Desa ParkCity, Etiqa Office Tower along Jalan Bangsar, AIRA Residence in Damansara Heights and Menara Hap Seng 3 within the Kuala Lumpur city centre.

“Our net profit rose 39.9 per cent to a record high of RM22.5 million in the financial year ended Dec 31, 2017 compared to RM16.1 million in the previous year, due to higher revenue and enhanced efficiency.

“Group revenue rose by 7.2 per cent to RM296.8 million from RM276.9 million a year ago as we commenced work on two new projects, namely AIRA Residence in Damansara Heights and Menara Hap Seng 3 within Kuala Lumpur,” he said.

Cheah said the commendable performance in FY2017 was the result of the company's expertise in delivering works ahead of schedule, while securing new high-value projects.

He said the company was also scheduled to be listed on the ACE Market of Bursa Securities on March 27, 2018.

“It received encouraging response for its initial public offering at an issue price of 35 sen per share, with its public tranche oversubscribed by 43 times,” he said. - Bernama


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