UUE Holdings Berhad announced its financial result for its first quarter recording RM5.56 million in profit after tax on the back of RM38.96 million in revenue.
There are no comparative figures for the preceding corresponding period as the Company was only listed on the ACE Market of Bursa Malaysia Securities Berhad on 2 July 2024.
Contribution from the Group's operations in Malaysia made up for 80.90% whilst Singapore generated the remaining 19.10% of total revenue. In line with the Group's overall increase in revenue from the preceding immediate quarter of about 11.82%, the Group also managed to achieve robust growth of over 300% for PAT which came in at RM5.56 million during the quarter as opposed to RM1.27 million in the immediate precedent quarter ended 29 February 2024.
Even after adjusting for one-off non-recurring IPO related expenses in the immediate preceding quarter and quarter under review of RM1.83 million and RM0.40 million respectively, the Group still recorded growth of over 90% for its bottom-line. Overall, the Group was able to maintain its strong PAT margins of 14.27% during the quarter.
Datuk Dr Kenny Ting, the Managing Director of UUE said, "Our first quarter results for the financial year is certainly encouraging and represents a good start to our journey as a listed entity. The increase in revenue for the quarter was partially attributed to our increase in sales of our HDPE pipes to third parties which more than doubled from the prior quarter. In terms of our core underground utilities engineering solutions business, we continue to build our orderbooks as evidenced by our recent success in being awarded two contracts in the northern region, with a total value of approximately RM27 million for installation, testing and commissioning underground cable works."
