KUALA LUMPUR: Lim Seong Hai Capital Bhd (LSH) reported a whopping 408.4 per cent surge in net profit to RM40.32 million for the year ended Sept 30 2022 (FY22) from RM7.93 million in FY21.

Group revenue soared 142.2 per cent to RM163.31 million, or a jump of RM95.89 million from RM67.42 million recorded in FY21.

LSH said in a statement that the increase was mainly supported by the consolidation of construction and construction-related services and solutions under its wholly-owned LSH BEST Builders Sdn Bhd.

LSH announced a second interim single-tier dividend of 2.35 sen per share amounting to RM8.37 million in respect of FY22.

The dividend will be paid on Dec 28.

Managing director Lim Pak Lian said the results proved that LSH was on track to become a well-known household name in the construction industry.

"Our BEST Collaboration Framework has steered the group into the right direction and we are pleased with the financial results.

"We will continue to implement our growth strategy and to pursue other future opportunities to further enhance the RM848 million outstanding construction work orderbook that we have.

"This will be in addition to the provision of construction-related services and solutions as part of the BEST Collaboration Framework which LSH BEST will be entitled to fees based on their client's construction and property projects value of RM2.7 billion," he said.

Chairman Tan Sri Lim Keng Cheng said in line with the company's dividend policy and commitment to reward shareholders, the total dividend declared for FY22 amounting to RM12.10 million had met the dividend payout ratio of 30 per cent of LSH's net profit.

"I also wish take this opportunity to express my most sincere appreciation to my fellow board members for their support and contributions and to the management and employees of LSH Capital Bhd for championing the BEST Collaboration Framework," he said.

LSH is optimistic on its future prospect and will continue to identify and assess new opportunities to secure more construction and construction-related contracts.

This is by leveraging the engineering and technical expertise and experiences of the directors and key management personnel in the construction industry.