Tag: Varia Berhad

Varia Reports Strong Q4 FY2024 with RM65.78 Million in Revenue with PBT of RM1.99 Million

Varia Berhad (Varia or the Group), an experienced player in the field of construction and property development, is pleased to announce its financial results for the fourth quarter of the financial year 2024 (Q4 FY2024), demonstrating substantial growth and continued momentum from previous quarters. Varia’s revenue for Q4 FY2024 surged to RM65.78 million, showcasing a 1,654% increase compared to a negative revenue of RM4.23 million in corresponding year’s quarter (Q4 FY2023), primarily driven by the successful integration of Pembinaan Teguh Maju Sdn Bhd (PTM) and strategic leadership initiatives, highlights the new management’s effectiveness in steering the Group towards sustainable growth.

Datuk Benson Lau, Managing Director of Varia
Datuk Benson Lau, Managing Director of Varia

The Group reported a Profit Before Tax (“PBT”) of RM1.99 million in Q4 FY2024, a 33% increase from a PBT of RM1.49 million in the same period last year. This robust performance was primarily driven by the construction segment, which continues to benefit from the full integration of PTM.

The construction segment generated RM58.62 million in revenue and RM5.90 million in PBT, with key contributions from projects such as Perkeso, Pulau Indah, and Kuarters Hospital Pulau Pinang (“KHPP”). For property segment, Taman Arowana Phase 1, 106 units of single-storey development project generated revenue of RM0.35 million and a gross profit of RM0.05 million.

For the twelve months ended 31 March 2024 (“12M FY2024”), Varia’s revenue stood at RM148.31 million, a remarkable 404% increase from RM29.41 million in the corresponding period of the previous year (“12M FY2023”). The Group achieved a PBT of RM8.39 million for 12M FY2024, a substantial turnaround from a Loss Before Tax (“LBT”) of RM10.81 million in 12M FY2023.

Datuk Benson Lau, Managing Director of Varia, remarked, “The strategic acquisition of PTM and the successful execution of significant projects have been pivotal to Varia’s outstanding financial performance in Q4 FY2024. Our revenue growth and improved profitability highlight our capability to deliver on our strategic goals. We are optimistic about sustaining this momentum as we continue to explore new opportunities within the construction and property development sectors.”

Looking forward, Varia is poised for continued growth, bolstered by PTM’s diversified order book valued at RM1.10 billion, which includes a mix of building construction and mechanical and electrical (M&E) projects. On 29 January 2024, Mewah Kota Sdn Bhd, a wholly-owned subsidiary of Varia, was awarded a Letter of Award from Kator Construction Sdn Bhd for the “Rancangan Tebatan Banjir Sungai Klang di Seksyen 25 Shah Alam, Daerah Klang, Selangor” project. This project, valued at RM94.86 million, will span 60 months, commencing on 1 February 2024.

Varia Berhad https://stella-holdings.com.my/ 

Varia Reports Strong Q2 FY2024 Results, with Revenue up 156% to RM20.47 Million

Varia Berhad (“Varia” or the “Group”), an experienced player in the field of construction, property investment, and property development, heralds a new era with a substantial upswing in Q2 FY2024 financial performance and strategic corporate developments. The Group’s transformative steps include the acquisition of Pembinaan Teguh Maju Sdn Bhd (“PTM”) and a dynamic rebranding to Varia Berhad.

Datuk Benson Lau, Managing Director of Varia
Datuk Benson Lau, Managing Director of Varia

In Q2 FY2024, Varia Berhad recorded a substantial increase in revenue and profit. Revenue surged by 156% to RM20.47 million, with a profit before tax (PBT) of RM1.24 million, representing an impressive turnaround from the previous year’s loss in the same quarter. This surge in financial performance is primarily attributed to the construction segment’s success, with notable contributions from the Serendah project, Medical City UPM, and the UDA Penang project.

Over the first six months of FY2024, Varia Berhad achieved a revenue of RM40.42 million and a PBT of RM1.43 million, representing a 124% and 145% increase respectively compared to the corresponding period in the previous year. The construction segment has been the main driver of this significant growth.

Compared to the immediate preceding quarter, the Group saw a revenue increase of 3% and a substantial profit before tax increase of 549%. These figures underscore the consistent and robust performance of the construction segment.

For information, the Group’s EGM on 2 November 2023 had received blessings from the shareholders for the acquisition of PTM, a pivotal development for Varia Berhad. This acquisition, valued at RM380.0 million, introduces PTM’s RM1.16 billion in outstanding orders and potential contracts worth approximately RM1.78 billion into the Group’s portfolio. PTM’s commitment to a profit guarantee of RM120.0 million over the next three financial years further strengthens Varia’s market position.

Datuk Benson Lau, Managing Director of Varia, expressed his enthusiasm: “The outstanding financial results of Q2 FY2024 signal a transformative era for Varia Berhad, one marked by strategic acumen and robust growth. Our successful rebranding, coupled with the pivotal acquisition of PTM, demonstrates not just a milestone but a leap forward in our ambitious growth journey. These developments are a testament to our shareholders’ deep trust and belief in our vision and strategic direction.”

He added, “As we celebrate this remarkable quarter, our focus remains steadfast on capitalising on the synergies brought by PTM, further diversifying and strengthening our construction and property development segments. We are more committed than ever to drive innovation, excellence, and sustainability in our operations, ensuring sustained growth and reinforcing investor confidence. The future for Varia Berhad is bright, and we are excited to embark on this journey with the unwavering support of our shareholders and dedicated team.”

As at 23 November 2023, 5:00 P.M., Varia Berhad’s share price is RM1.04 with a market capitalisation of RM431.0 million.