STABLE EARNINGS IN Q3 DESPITE MARKET UNCERTAINTIES AND ON TRACK FOR 2018
KUALA LUMPUR, 29 November 2018 – UEM Edgenta Berhad (“UEM Edgenta or “Company”), the leading Asset Management and Infrastructure Solutions company has announced its financial results for the nine months ended 30 September 2018 (“9M FY18”). For the 9M FY18, the Company continued to deliver growth, with revenue and profit before tax (“PBT”) growing at 6.0% and 18.3% respectively, as compared to the same period in the preceding financial year.
UEM Edgenta posted stable results in the third quarter (“Q3”) of FY18, and compared to Q3 FY17, growth in Q3 FY18 was affected by slower progress in its Property & Facility Solutions division (previously known as Real Estate Services), as well as a weaker performance in the legacy Property Development division which is in the process of being wound down. In Q3 FY17, Property Development benefited from a one-off compensation for compulsory land acquisition of RM4.7 million.
Revenue for 9M FY18 closed at RM1.54 billion as compared to RM1.45 billion for the nine months ended 30 September 2017 (“9M FY17”), mainly on the back of new hospital support services contracts secured in Singapore and Taiwan as well as higher amount of pavement works carried out by the Infrastructure Services division. PBT for 9M FY18 stood at RM115.3 million, out of which the contribution of Healthcare and Infrastructure Services was 40% each. Profit after tax stood at RM83.1 million and the Company also recorded strong cashflow from operations for 9M FY18 of RM80.0 million.
Managing Director/Chief Executive Officer, Dato’ Azmir Merican commented, “Our performance in Q3 FY18 was within expectation and demonstrated the Company’s resilience given the challenging environment and market uncertainties. Overall, we are focused on maintaining our growth momentum for the year and are on track to deliver a strong set of results for FY18. Our performance improvement is driven by growth of our Healthcare and Infrastructure businesses as well as initiatives to drive Operational Excellence and Continuous Improvement.”