KUALA LUMPUR (Jan 17): Trading in the shares of Sarawak Consolidated Industries Bhd (SCIB) will resume on Wednesday (Jan 19), following the release of the group’s outstanding annual report, said Bursa Malaysia.

Bursa said the Sarawak-based civil engineering group submitted its annual report for the financial year ended June 30, 2021 (FY21) on Monday.

SCIB had been suspended since Nov 9, 2021, after failing to submit the annual report by Nov 8 as directed by Bursa.

On Dec 31, SCIB’s external auditors, Nexia SSY PLT, expressed a qualified opinion on the group’s audited financial statements for FY21. 

The qualified opinion related to the settlement agreements SCIB had signed on Nov 10 with several parties for six engineering, procurement, construction and commissioning projects carried out in Qatar and Oman.

Adjustments were made to the group’s financial statements as a consequence of the settlement agreements, the auditors noted.

SCIB had appointed Nexia SSY as its external auditors after KPMG resigned on July 26, amid SCIB's sister company Serba Dinamik’s legal dispute with KPMG over audit irregularities.

For 1QFY22, SCIB registered a net loss of RM2.7 million due to operational and initial mobilisation costs, while revenue stood at RM26.49 million.

The group had no available financial results for comparison, as it had changed its financial year-end from Dec 31 to June 30.

Despite the setbacks that it had suffered since 2021, SCIB’s managing director and CEO Rosland Othman said the group remains committed to creating value and optimising performance in 2022.

The group noted that it has a strong order book at RM1.2 billion as at Dec 31, 2021, which will provide healthy earnings visibility up to 2026.

Prior to its suspension, SCIB was traded at 20.5 sen, giving the group a market capitalisation of RM119.3 million.