KUALA LUMPUR: TWL Holdings Bhd (THB) posted a revenue of RM6.82 million for the second quarter (Q2) ended December 31, 2023 (FY23), a growth of 10 per cent from RM0.65 million posted in the same quarter last year.
Net profit surged 1,450 per cent to RM2.82 million from a net loss of RM4.82 million in Q2 FY22.
The revenue growth is mainly attributed to the increased sale of its residential properties while the growth in net profit is attributed to lower administration expenses incurred and higher profit margin from the sale of its residential properties.
For the six months of FY23, THB posted RM16.17 million in revenue, a growth of RM6.89 million or 74 per cent from RM9.27 million posted in the same period last year.
The company also recorded a jump in net profit of RM6.45 million or 221 per cent, compared to a net loss of RM4.64 million posted last year.
This marks the second consecutive profit-making quarter THB has recorded.
THB’s property construction and development segment continues to be its mainstay, generating RM12.06 million in revenue and approximately 75 per cent of its total revenue.
The plantation and timber segment, which consists of manufacturing and log trading activities, contributed approximately RM3.58 million to the total revenue.
The medical healthcare segment, which consists of the distribution of medical gloves and healthcare products, meanwhile recorded approximately RM0.26 million in revenue, while the batching plant segment, which involves the production and supply of technical and customised concrete mix and other concrete-related products, recorded approximately RM0.13 million.
The Others segment, comprising investment holding and dormant companies, contributed RM0.15 million to THB’s total revenue.
Executive chairman Datuk Tan Wei Lian said the company expect to remain resilient and continue delivering robust financial performance throughout the year.
“Our total assets and net cash, recorded at RM504.41 million and RM110.81 million, respectively, indicate our strong financial position that will serve us well as we continue executing our organic and inorganic growth plans such as mergers and acquisitions.
“Moving forward, we will launch our affordable and mid-market properties, namely the Taman Pinggiran USJ (EN11), Subang Jaya, TWL Alam Impian, Shah Alam, and The Aster Residence, Cheras, with an estimated gross development value (GDV) of approximately RM675.8 million by the third quarter of 2024,” he said in a statement.
Tan said the take-up rates have been encouraging so far, and with the various government initiatives and incentives under the Housing and Local Government Ministry’s New Home Ownership Programme (HOPE), the take-up rates for THB properties will gain more momentum.
“In the meantime, we aim to press forward, leveraging our strong expertise in the affordable and mid-market housing sub-sector to cater to the continuously rising demand from Malaysian home buyers,” Tan said.
