Southern Score CEO Gan Yee Hin
KUALA LUMPUR: Southern Score Builders Bhd
’s outstanding orderbook stands at just above RM530mil and is expected to underpin its earnings growth, according to executive director and chief executive officer Gan Yee Hin.
“Looking forward to the rest of FY2024, we remain on course to deliver the cumulative profit guarantee of RM80mil by the end of the calendar year. Notably, as at end FY2023, we have achieved RM54.4mil out of the profit guarantee,” Gan said in a statement.
“Whilst we continue to aggressively tender for more jobs in a bid to broaden our revenue base, Southern Score has not stopped pursuing cutting-edge construction technologies that will revolutionise Malaysia’s housing sector by enhancing productivity, efficiency, and sustainability in the construction process,” he added.
The group also announced a new construction contract worth RM618.2mil from Platinum Victory Development Sdn Bhd. The contract entails the main building works for the proposed development of two residential apartment suites.
“We look forward to executing this contract in the coming quarters,” Gan said.
Southern Score posted a net profit of RM6.6mil in the second quarter ended Dec 31, 2023, compared with a net loss of RM3.7mil a year earlier.
Its revenue fell to RM39.2mil against RM59.3mil posted last year. Earnings per share for the quarter rose stood at 0.21 compared with a loss per share of 0.18 sen.
For the first six months to Dec 31, Southern Score posted a net profit of RM11.4mil on revenue of RM67.8mil.
As at Dec 31, 2023, Southern Score’s balance sheet remained robust, sporting a net cash position of RM51.9mil.
Total current assets amounted to RM208.4mil and current liabilities stood at RM57.5mil, translating to a current ratio of 3.6x. Shareholders’ funds amounted to an impressive RM160.4mil.
“Despite what may seem like a modest 1HFY2024 performance, this is to be expected as all our key projects are being executed according to the construction schedule. That said, we expect the progress of all our key projects to intensify as we hit the sweet spot in the construction S-curve in the ensuing quarters,” Gan said.
