Wah Seong 4Q profit up 67.6% to RM34.56 mil

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KUALA LUMPUR (Feb 26): Wah Seong Corp Bhd saw its net profit for the fourth quarter ended Dec 31, 2014 (4QFY14) increased by 67.6% to RM34.56 million or 4.48 sen per share.

Likewise, quarterly revenue rose 43.9% to RM711.53 million mainly due to the higher number of oil and gas (O&G) projects being implemented.

For the full year, Wah Seong reported that net profit had multiplied to RM125.57 million or 16.26 sen per share, from RM32.32 million in FY13.

Likewise, revenue had increased by 37% to RM2.44 billion, due to new projects in its O&G segment, industrial training and services segment as well as its renewable energy segment.

The group has proposed a final dividend of 3.17 sen per share, bringing total dividend for FY14 to 5.67 sen per share, versus 5.1 sen in FY13.

Wah Seong (fundamental: 0.80; valuation: 2.4) closed 1 sen lower at RM1.37, with a market capitalisation of RM1.07 billion.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.