Vizione posts record profit for 3QFY18

KUALA LUMPUR (April 20): Vizione Holdings Bhd’s net profit surged 53 times to RM8.06 million in the third financial quarter ended Feb 28, 2018 (3QFY18) from RM152,000 a year ago, mainly due to contribution from the construction works undertaken by its newly acquired unit Wira Syukur (M) Sdn Bhd.

Wira Syukur has an order book of RM3.75 billion, which will contribute to the group’s earnings visibility over the next several years.

This resulted in Vizione posting a higher earnings per share of 23 sen in 3QFY18 from two sen a year ago. Quarterly revenue also jumped more than nine times to RM133.86 million in 3QFY18 from RM14.61 million in 3QFY17.

For the cumulative nine months (9MFY18), the group’s net profit rose more than 36 times to RM15.14 million from RM415,000 a year ago, while revenue increased nine times to RM302.49 million from RM33.05 million in 9MFY17.

On prospects, Vizione said with the acquisition of Wira Syukur in October last year, the board is confident that the group’s performance will be further strengthened with the enlarged group.

“The group will continue to seek and secure new business opportunities and to expand its existing business in the construction and development sectors,” said Vizione in a filing with Bursa Malaysia yesterday.

“The group is also in its preliminary stages of venturing into the property development sector with the recent acceptance of a letter of intent from Pan Sejati (M) Sdn Bhd to pursue through a joint venture, the development of 3,800 affordable homes in Putrajaya.

“The group foresees that it will be able to leverage its expertise as an affordable homes contractor to deliver additional value to its shareholders through its maiden venture into property development,” it added.

Barring any unforeseen circumstances, Vizione said it is cautiously optimistic about its overall businesses moving forward, and will continue to hone its operational strengths to achieve sustainable profitability growth in the market.

This article first appeared in The Edge Financial Daily, on April 20, 2018.

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