KUALA LUMPUR (Feb 16): Taliworks Corp Bhd’s net profit jumped 72.31% to RM21 million in the fourth quarter ended Dec 31, 2022 (4QFY2022), from RM12.19 million a year earlier. Earnings per share increased to 1.05 sen, from 0.60 sen.

The group attributed the higher profit to a RM3.54 million gain on modification lease on the rental of its office premises, higher share of results for its jointly controlled entity Grand Sepadu (NK) Sdn Bhd from a toll compensation of RM21.9 million, and maiden contribution from the renewables division following the group’s solar acquisitions.

Quarterly revenue rose 18.04% to RM85.85 million from RM72.73 million in 4QFY2021, due mainly to a higher revenue from the water treatment and supply segment, the toll highway division, as well as contribution from the renewables division, Taliworks said in a bourse filing.

The group declared a fourth interim dividend of 1.65 sen per share, amounting to RM33.3 million, which will be paid on March 31. This brings the full-year dividend payout to 6.6 sen per share, worth RM133 million.

For FY2022 as a whole, Taliworks’ net profit declined 29.76% to RM55.14 million, from RM78.5 million in the previous year, due to share of losses of associates amounting to RM22.96 million, compared to a share of profit of RM8.32 million previously, as well as a drop in toll compensation to RM11.25 million from RM43.66 million.

In contrast, full-year revenue increased 11.61% to RM337.71 million from RM302.58 million.

Looking ahead, Taliworks’ focus will be on the construction of the Sungai Rasau water treatment plant, said the group’s executive director Datuk Ronnie Lim Yew Boon.

“The team is working diligently to secure the necessary approvals for us to commence physical work. In the meantime, we will continue to review our cost management and procurement process to enhance our profit margin.

“In addition, we hope to generate a higher stream of revenue from our solar operations, in line with our sustainability goals. The recently completed solar panel replacements at one of our solar plants is expected to increase the electricity output,” Lim added.

Shares of Taliworks finished half a sen or 0.58% lower at 86 sen on Thursday (Feb 16), giving the group a market capitalisation of RM1.73 billion.