GFM Services net profit eased higher by 3.7 times to RM8.1mil in Q3

NST Thu, Nov 24, 2022 06:30pm - 1 year View Original

KUALA LUMPUR: GFM Services Bhd's net profit jumped 3.7 times to RM8.1 million in the third quarter (Q3) ended September 30, 2022 from RM2.6 million a year ago.

The company's revenue rose 46.5 per cent to RM40.2 million in Q3 2022 from RM27.4 million last year.

The significantly improved financial performance was mainly attributed to the maiden contribution from a new contract to provide facilities management services awarded by Jabatan Kerja Raya (JKR).

For the cumulative nine-month period (9M22) revenue increased by 6.5 per cent to RM97.0 million from RM91.1 million in the preceding year's corresponding period (9MFY21).

In terms of revenue breakdown by segment, the company's facilities management (FM) division remained as the major revenue contributor with revenue growing by 11.4 per cent to RM65.8 million, making up 68 per cent of total revenue.

Meanwhile, the concession arrangements segment represented 32 per cent, amounting to RM31.2 million after consolidation adjustment.

In tandem with the higher revenue, GFM's 9M22 net profit rose 65.1 per cent to RM12.9 million, against RM7.8 million in 2021.

Executive vice chairman Ruslan Nordin said the company hopes to sustain its financial performance over the medium term.

Ruslan said this will be supported by its facilities management contracts which have an average tenure of around three to five years and a concessionaire which ends in 2035.

"Nonetheless, we are not ones to rest on our laurels and shall continue to bid for more contracts to replenish our orderbook," he said.

As at September 30, 2022, GFM's outstanding orderbook stood at RM1.36 billion.

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