KUALA LUMPUR: PRG Holdings Bhd is counting on the recovery of the property sector and the global push for environmental, social and governance (ESG) to deliver a turnaround performance in the financial year ending Dec 31, 2022 (FY22).

       In a statement, PRG said it was showing encouraging progress in FY21, as its cumulative nine-month revenue and net profit currently stood at RM129.9mil and RM12mil.

       In comparison, the group registered consecutive losses in the past three financial years.

       PRG noted that its manufacturing segment listed on the GEM board of Hong Kong Stock Exchange, Furniweb Holdings Ltd, had shown promising returns since 2020 but was hindered by one-off impairment losses on goodwill and assets.

       The group has since then reorganised, divested two loss-making companies and benefited from the rising demand for various products resulting from recovery from the impact of the Covid-19 pandemic.

       PRG group executive vice chairman Datuk Lua Choon Hann said: “We have seen a strong recovery in sales orders post-pandemic for our manufacturing products. This is a result of the pent-up demand from the pandemic, as customers are rushing to restock and we have also benefited from some shifts in procurement away from China.”

       Lua said it had been upgrading and/or replacing machinery to expand production capacity since 2020 and also exploring new products and new applications of products to expand its range of offerings.

       “Although the global outlook remains rather bleak as the pandemic resurgence continues in various countries, the group will continue to capitalise on its strengths in existing and new businesses to deliver sustainable value to customers as well as stakeholders,” he said.