KUALA LUMPUR (Feb 27): Total waste management outfit JAG Bhd closed its financial year ended Dec 31, 2017 (FY17) with the strongest results since the completion of the reverse takeover in 2014.

For FY17, JAG posted a four-fold increase in net profit to RM8.4 million from RM2.1 million a year earlier.

In a statement yesterday, JAG said these results were achieved on the back of a turnover of RM143.6 million, a significant increase from the RM93.6 million recorded a year ago.

On a quarter-to-quarter basis, JAG achieved a net profit of RM1.1 million for 4QFY17 compared with the RM2.4 million recorded in the same period a year ago.

It said revenue for the quarter was higher at RM41 million compared with RM24 million in the previous year.

JAG proposed a final single tier dividend of 0.1 sen per share, amounting to RM1.38 million, for FY17.

JAG executive director Datuk Ng Meow Giak said: "We have closed our 2017 financial year on a resounding note with a strong increase in profit.

"While we were able to leverage on the stronger copper prices and strengthening of the US dollar against ringgit, it must also be noted that the group successfully secured more contracts in 2017 than the year before, propelling our bottom-line to its highest ever."

Ng said the company was confident it would surpass its key performance indicators that have been set.

"According to a report by Bloomberg, demand for copper is expected to sustain this year, and therefore, we foresee our e-waste management division thriving in the 2018 financial year.

"Furthermore, we are at the tail-end of completing the ground-work for our maiden development in the Klang Valley. With the official launch set in 2QFY18, we are optimistic that our property division will also do well in the new financial year," Ng added.

Named ACRA, the project which is located in Taman Sentosa, Klang, comprises six units of dual frontage boutique shops, an office tower with 117 units, and 238 units of three-room condominiums.

The development has an estimated gross development value of RM220 million.

"As the division grows, we see ourselves focusing on selected mixed or integrated projects, be it commercial or residential, as well as transit-oriented developments.

"We also want to focus on key urban areas such as Klang Valley, Penang, Ipoh and Johor. In time, we hope to achieve a 50-50 revenue contribution from our e-waste management division and property division," Ng said.

At 11.15am today, JAG fell 5.26% or 0.5 sen to 9 sen with 2.5 million shares traded.