Ahmad Zaki Resources’s profit jumped 49.18% in 1Q

by TMR

Ahmad Zaki Resources Bhd’s (AZRB) net profit jumped 49.18% year-on-year (YoY) to RM9.13 million for the first quarter ended March 31, 2018 (1Q18) due to higher income contribution from concession division and property division coupled with lower losses from plantation division as well as oil and gas (O&G) division.

The construction group’s revenue for the quarter increased 21.56% YoY to RM304.14 million on the back of improved operations across all its divisions mainly plantation division, property division as well as O&G division.

Its engineering and construction division recorded 8.3% YoY growth in revenue for the quarter to RM247.4 million while its concession division posted RM8.9 million of revenue in 1Q18, an increased 9.5% YoY.

AZRB’s O&G division recorded RM11.5 million of revenue in 1Q18, a surged 27.0% YoY while its plantation division’s revenue increased significantly to RM32.2 million from RM3.5 million in the previous year’s corresponding quarter.

AZRB’s property division’s  revenue grew to RM4.2 million from RM1.2 million in 1Q17.