KUALA LUMPUR: Central Global Bhd (CGB) posted revenue of RM222.04 million for the financial year ended December 31, 2023 (FY23), reflecting an increase of RM10.87 million or 5 per cent posted in the same quarter last year, driven by its construction segment.
As of December 31, 2023, CGB’s unbilled orderbook stood at RM227.85 million.
Despite the significant revenue generation, CGB posted a loss before tax (LBT) of RM31.60 million compared to a profit before tax (PBT) of RM17.01 million recorded in FYE 31 December 2022.
This was mainly due to the one-off impairment of trade, other receivables, and contract assets for the Gerbang Bukit Kecil and Sungai Pinang projects, which are under litigation and adjudication proceedings via the Construction Industry Payment and Adjudication Act 2012 (CIPAA) amounting to approximately RM41.91 million.
On top of that, the expenses in connection to the shares grant scheme issued by CGB earlier in the year, amounting to RM3.54 million, also contributed to the drop.
The adjusted PBT will be recorded at RM10.31 million without the one-off impairment.
