KUALA LUMPUR: Widad Group Bhd posted a net profit of RM6.32mil in the first quarter ended March 31, up 120% from RM2.86mil posted a year earlier.

       Its bottomline improved markedly due to refund of claim deductions in the integrated facilities management (IFM) segment amounting to RM2mil, net finance income from concession business of RM2.8mil and charge out of Sukuk related expenses amounting to RM7.2mil.

       Its revenue for the quarter rose threefold to RM52.04mil against RM17.2mil in the same corresponding period last year.

       Segment-wise, Widad’s construction business in the first quarter saw its revenue surging by over 13-fold year-on-year (YoY) to RM24.58il.

       The IFM business recorded revenue of RM24.91mil, representing a growth of 62% YoY while the concession segment posted revenue of RM2.6mil.

       Managing director Datuk Dr Mohd Rizal Mohd Jaafar, in a statement, said the company is confident that it can continue its momentum in the coming quarters.

       “Being the seventh-largest listed construction company in Malaysia currently, we are also positive that WBG is capable of winning major contracts, especially with the continuation and acceleration of major infrastructure projects in the country.

       “We are looking to expand our business through tenders, especially those with improved margins, and acquisitions of strategic businesses that would expand our income base and technical expertise. Hopefully, with robust business growth, Widad will be in a better position to reward its shareholders with good and sustainable dividend payouts,” he said.

       As of March 31, Widad’s order book stood at RM1.52bil and has earnings visibility until 2034. The group is also actively bidding for new tenders nationwide, with a tender book size of RM1.54bil.