KUCHING, Feb 28: Hock Seng Lee (HSL) has accumulated RM625.52 million in revenue with a net profit before tax of RM54.88 million for last year.
This shows an increasing trend compared to RM538.32 million and net profit before tax worth RM43.49 million for 2020.
Construction accounted for the majority of last year’s revenue at RM491.34 million.
For 2021’s fourth quarter, the Group posted a pretax profit of RM17 million from revenues of RM172.35 million, where construction contributed the bulk at RM131.06 million or 76 per cent, while property development delivered RM25.84 million and general trading at RM14.97 million.
The preceding year’s same quarter pretax profit was RM14.93 million from revenues of RM181.71 million.
Managing director Dato Paul Yu Chee Hoe (pic) said while the Group has managed to register quite a good result, the problems that plagued the construction industries since 2020 remained largely unresolved, such as acute labour shortage and material supplies disruptions.
“Although general restrictions on travel movement have eased, overall labour shortages had worsened with all economic sectors opened since quarter three of 2021.
“There has been a sharp increase in material prices, especially metal. Inflation has also been driven up by higher fuel and freight charges,” he said in a statement today.
On Dec 30 last year, the Group announced that it no longer complied with the public shareholding spread requirement under Paragraph 8.02(1) of the Listing requirement following the substantial acquisition of shares by its holding company, Hock Seng Lee Enterprise Sdn Bhd.
At that point in time, the collective shareholdings of Hock Seng Lee Enterprise Sdn Bhd together with Dato Yu Chee Hoe and Tang Sing Ngiik in Hock Seng Lee Berhad were 84.19 per cent.
Subsequently, on Feb 17 this year, the Group announced that it had received a notice of unconditional voluntary take-over offer from Aminvestment Bank Berhad, acting on behalf of Hock Seng Lee Enterprise Sdn Bhd, to acquire all the remaining ordinary shares in Hock Seng Lee Berhad not already held by Hock Seng Lee Enterprise Sdn Bhd, Dato Paul Yu Chee Hoe, Tang Sing Ngiik, Vincent Yu Yuong Yih and Tony Yu Yuong Wee for a cash offer price of RM1.35 per share.
Following this event, the Group has appointed Mercury Securities Sdn Bhd as the Independent Adviser to provide comments, opinions, information, and recommendations on the unconditional voluntary take-over offer from Hock Seng Lee Enterprise Sdn Bhd to the non-interested directors and shareholders.
A further announcement on the corporate exercise will be made in due course to keep shareholders informed.
From Feb 17 up to Feb 26 this year, Hock Seng Lee Enterprise Sdn Bhd has acquired a further 4,085,018 shares (0.74 per cent) from open market purchases. ― DayakDaily
