PETALING JAYA: Bina Puri Holdings Bhd is set to participate in more tenders to unlock new market opportunities actively, joint ventures and increasing its land bank moving forward, said group managing director and chief executive director Chai Chan Tong.
Chai said the property and construction group expects a moderate performance for its construction division in the next financial year following the recent Budget 2024.
“The division will ensure the execution of ongoing projects to be completed in a timely manner while replenishing its order book from local and overseas markets,” he said in the group’s 2023 annual report.
Chai said the construction division’s order book stood at RM530 million as of October.
“The division is also looking into opportunities in East Malaysia as the division recognises the region’s potential for new construction job opportunities in the near term,” he said.
He pointed out that in Budget 2024, the government has set aside RM12.4 billion to Sabah and Sarawak for development.
“The property division remains optimistic with the government’s continued support for encouraging homeownership,” he said.
The division is expected to perform satisfactorily in the next financial year supported by total unsold sales of approximately RM300 million and future mixed development in Kota Kinabalu.
“The group is also looking into joint ventures and increasing its land bank moving forward,” he said.
Chai said the division is also looking to develop a mixed development known as Main Place, Kota Kinabalu.
“The development is expected to boost business and investment growth along Jalan Tuaran Bypass.”
For its financial year ended June 30, 2023 (FY2023), Bina Puri’s net loss widened to RM121.24 million as compared with RM74.74 million last year.
Revenue stood at RM109.81 million versus RM234.91 million before.
For the fourth quarter (Q4) FY2023, the net loss was twice higher at RM60.46 million compared with RM34.68 million in the previous corresponding quarter.
Revenue was also lower at RM12.16 million versus RM90.46 million in Q4 FY2022.
At market close, Bina Puri’s shares were flat at six sen, giving it a market capitalisation of RM202 million.