Kuala Lumpur: Sitaglobal BHD recorded a jump of 224% before Tax from RM3.2 million from RM3.2 million to RM10.3 million, which increased on December 31, 2024 (FY24) and increased by 55% in revenue for its fourth quarter (Q4).
In the leading, its net profit for this period rose from RM1.22 million to 452% to RM6.73 million.
Citaglobal’s stellar Q4 results were inspired by a strong contribution from the Civil Engineering and Construction (CEC), property and manufacturing segment.
This enabled the group’s subsidiary, Citaglobal Engineering Services SDN BHD (CESSB) to exceed its three -year profit guarantee of RM60 million.
It was also the single best quarterly performance of Sitaglobal in the last 31 quarters.
On a cumulative basis from its financial year (FY), which ended by FY24 on 31 December 2022 (FY22), Cessb has earned a total profit after a tax of over RM60 million.
With the company at a strong notch, Citaglobal is also announcing its first and final dividend of 1 Sen for FY24.
Meanwhile, for FY24, the profit of Citaglobal before tax rose 80% to RM24.9 million, and its net profit increased by RM14.9 million.
This was due to an increase of 42% in revenue of RM291.7 million. Thus, the income per share increased from 2.30 Sen to 3.54 Sen last year.
Cessb is a full -fledged subsidiary of Citaglobal, which was later acquired in November 2022.
For some history, the RM60 million profit guaranteed resulted in the acquisition made by Citaglobal.
On June 15, 2022, Sitaglobal entered a share purchase agreement to acquire Cessb from Tiza Global SDN BHD (TIZA), a company controlled by Tan Sri (DR) Mohammad Norza Zakaria.
Cessb was acquired through issuing 6.84 million shares per share to 19 Sen.
The acquisition came with a total net profit guarantee of RM60 million for the three financial years ending 2022, 2023 and 2024.
The acquisition was completed on 10 November 2022.
As a result of this deal, Tija and Mohammad Norza also became a controlled shareholders of Sitaglobal.
Asked about the company’s future approach, Sitaglobal Chairman and Chairman Mohammad Norza said that the company is happy to receive a guarantee of a three -year profit guarantee that he had personally promised shareholders.
“Getting these numbers is beyond financial.
“This reflects our integrity, commitment and perseverance in maintaining our word. I would say that now the most difficult part is over.
“To show our honesty towards shareholders, we would like to reward them with a young woman of 1 Sen and the final dividend.
“As many people know, Sitaglobal is now in a fleeting phase, and we are looking to make strong inroads in renewable energy and telecom areas.
“We were committed to disciplined execution, seized high-development opportunities, and strengthened our leadership position. With strong basic things, a clear vision, and a well -diverse portfolio, Citaglobal is well deployed for long -term success, ”said Mohammad Norza.
Group is adopting various opportunities to improve energy and CEC segment by establishing several initiatives, including acquisition-operated development, and actively tender to projects to further strengthen financial performance.
Citaglobal is capitalizing on the increasing demand for waste-to-energy (WTE) and environmental management solutions, focusing on permanent infrastructure.
It aligns with the initiative of Malaysia’s Green Economy and Global Circular Economy goals.
On January 3, 2025, Citaglobal acquired German WTE technology and engineering company Lawi Engenise GMBH (Lawi Germany).
This has completed over 50 power plant projects in the last three decades in the last three decades in Southeast Asia, Korea and Europe.
As of December 31, 2024, the group has an excellent order book of RM1.1 billion, while the estimated gross growth price of the property segment is RM471 million.
