Vizione 3Q earnings double on revenue from Penang, Sabah projects

This article first appeared in The Edge Financial Daily, on April 25, 2019.
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KUALA LUMPUR: Vizione Holdings Bhd’s third quarter net profit for the three months ended Feb 28, 2019 (3QFY19) more than doubled to RM17.76 million from RM8.06 million a year ago, thanks to contributions from its projects in Penang and Sabah.

Quarterly revenue grew 23% to RM164.96 million from RM133.86 million a year ago, the group announced in a stock filing.

“The higher earnings were mainly attributed to the submarine pipeline project in Penang and the Outer Ring Road project in Sabah,” Vizione added.

The stronger quarterly earnings pushed its nine-month net profit up over three times to RM52.23 million from RM15.14 million, while revenue climbed 62% to RM490.21 million from RM302.49 million.

Vizione managing director Datuk Ng Aun Hooi said the group expects to continue to pursue new public spending and explore private property development with sustainable market value opportunities. “I am proud to present a set of results that shows our continuous growth in both topline and bottomline from a cumulative basis, on the back of improving margins, despite the current challenging construction market.

Vizione shares closed at RM1.02 yesterday. Year-to-date, the stock has climbed 18.6%.