KUALA LUMPUR: WZ Satu Bhd has returned to profitability on a full-year basis in the financial year ended Dec 31, 2021 (FY21) - the first time since 2018.

       In a statement, WZ Satu said it reported a 65.3% quarter-on-quarter jump in net profit for the fourth quarter ended Dec 31, 2021 (4Q21), as its post-pandemic recovery picks up speed.

       The civil engineering and construction group posted a net profit of RM3.56mil in 4Q21 on revenue of RM56.9mil. The bottom line was successfully achieved on the back of positive contributions from all three core segments, namely, civil engineering and construction, oil and gas as well as manufacturing.

       There is no comparative information on a year-on-year basis as the group had on July 22, 2020 changed its financial year end to Dec 31 from Aug 31.

       In FY21, WZ Satu registered a net profit of RM3.69mil against a turnover of RM247.4mil.

       Executive chairman and president Tan Sri Mohamad Norza Zakaria said: “WZ Satu’s latest financial performance is testament to the successful implementation of our business strategies.”

       “We are accelerating the implementation of our growth strategies moving forward, and we are also actively bidding for a number of tenders, both from the public and private sectors,” he said in a statement.

       WZ Satu’s order book stood at RM578mil as at Dec 31, 2021 and this provides earnings visibility until 2023.

       “We are working hard and fast to increase the order book size. Over the next few years, one of the key drivers for WZ Satu will be Malaysia’s 5G network rollout.

       “Once we complete the acquisition of Citaglobal Engineering Services Sdn Bhd (CESSB), the group expects to be a beneficiary of the development of 5G telecommunication towers across the country,” he said.

       Mohamad Norza said the Government’s renewed push in building affordable homes through the Perumahan Rakyat 1Malaysia (PR1MA) project was also a positive catalyst for WZ Satu.

       The group will recommence the PR1MA D’Marina Residency project in Kuantan, which has an estimated gross development value of RM219mil over four to five years.

       “The best is yet to come and the current FY22 is expected to be a stronger year, barring unforeseen circumstances. I look forward to growing WZ Satu to become a serious player in the facilities management, telecommunications, energy, infrastructure and technology sectors,” he said.