Varia Experiences Solid Q2 FY2024 Outcomes, with Income up 156% to RM20.47 Million

KUALA LUMPUR, Nov 23, 2023 – (ACN Newswire) – Varia Berhad (“Varia” or the “Community”), an experienced participant within the sphere of roar, property investment, and property pattern, heralds a brand unique expertise with a appreciable upswing in Q2 FY2024 financial efficiency and strategic company dispositions. The Community’s transformative steps contain the acquisition of Pembinaan Teguh Maju Sdn Bhd (“PTM”) and a dynamic rebranding to Varia Berhad.

In Q2 FY2024, Varia Berhad recorded a appreciable magnify in earnings and profit. Income surged by 156% to RM20.47 million, with a profit forward of tax (PBT) of RM1.24 million, representing an spectacular turnaround from the old year’s loss within the the same quarter. This surge in financial efficiency is basically attributed to the roar phase’s success, with vital contributions from the Serendah mission, Clinical City UPM, and the UDA Penang mission.

Over the first six months of FY2024, Varia Berhad carried out a earnings of RM40.42 million and a PBT of RM1.43 million, representing a 124% and 145% magnify respectively when put next to the corresponding interval within the old year. The roar phase has been the first driver of this major roar.

When when put next with the instantaneous preceding quarter, the Community seen a earnings magnify of three% and a appreciable profit forward of tax magnify of 549%. These figures underscore the fixed and important efficiency of the roar phase.

For data, the Community’s EGM on 2 November 2023 had received blessings from the shareholders for the acquisition of PTM, a pivotal pattern for Varia Berhad. This acquisition, valued at RM380.0 million, introduces PTM’s RM1.16 billion in excellent orders and potential contracts payment roughly RM1.78 billion into the Community’s portfolio. PTM’s dedication to a profit guarantee of RM120.0 million over the next three financial years extra strengthens Varia’s market standing.

Datuk Benson Lau, Managing Director of Varia, expressed his enthusiasm: “The excellent financial results of Q2 FY2024 sign a transformative expertise for Varia Berhad, one marked by strategic acumen and important roar. Our successful rebranding, coupled with the pivotal acquisition of PTM, demonstrates not apt a milestone but a soar forward in our ambitious roar scamper. These dispositions are a testament to our shareholders’ deep belief and perception in our imaginative and prescient and strategic direction.”

He added, “As we rep an even time this excellent quarter, our focal level remains steadfast on capitalising on the synergies introduced by PTM, extra diversifying and strengthening our roar and property pattern segments. We are more dedicated than ever to drive innovation, excellence, and sustainability in our operations, making sure sustained roar and reinforcing investor self perception. The long term for Varia Berhad is gleaming, and we’re angry to embark on this scamper with the unwavering pork up of our shareholders and dedicated group.”

As at 23 November 2023, 5:00 P.M., Varia Berhad’s share mark is RM1.04 with a market capitalisation of RM431.0 million.

Topic: Press launch summary

Source: Varia Berhad

Sectors: Day-to-day Finance

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