SCIB Terminates Indonesian Project ACN Newswire

SCIB Terminates Indonesian Project

February 14, 2023
KUCHING, MALAYSIA, Feb 14, 2023 - (ACN Newswire via SEAPRWire.com) - Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) today announced that the Company's wholly-owned subsidiary, SCIB International (Labuan) Ltd. (SCIBILL), has issued a notice of termination to PT Cipta Multi Sarana (PTCMS) for the proposed engineering, procurement, construction and commissioning (EPCC) project involving earthworks for the Prabumulih-Muara Enim tolled road located in Sumatera, Indonesia valued at RM55.59 million.Group MD and CEO of SCIB, Encik Rosland bin OthmanSCIBILL, which accepted a letter of award for the EPCC project on 18 August 2020 from PTCMS, has decided to take the necessary measures to protect its interests following the lack of progress in the project arising from uncertainties related to the COVID-19 pandemic and in view of the initiatives being taken to review and update SCIB's order book records.SCIBILL and PTCMS have mutually agreed to terminate the contract and unconditionally release and indefinitely discharge both parties from all claims, liens and obligations of every nature arising out of or in connection with the performance of the works and all amendments thereto, provided that the parties' obligations under a settlement agreement are fulfilled.Group Managing Director of SCIB, Encik Rosland bin Othman said, "The termination is in the best interests of the Company as there has been no progress on the project. On the part of PTCMS, it has acknowledged that there are no penalties or liquidated ascertained damages on SCIBILL."Sarawak Consolidated Industries Bhd: 9237 [BURSA: SCIB], http://scib.com.my Copyright 2023 ACN Newswire. All rights reserved. (via SEAPRWire)
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SCIB Concludes 46th AGM Successfully ACN Newswire

SCIB Concludes 46th AGM Successfully

December 8, 2022
KUCHING, MALAYSIA, Dec 8, 2022 - (ACN Newswire via SEAPRWire.com) - Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) held the Company's 46th AGM virtually today in which shareholders voted to reappoint NEXIA SSY PLT as the auditor and authorised the directors to fix its remuneration.Group MD and CEO of SCIB, Encik Rosland bin OthmanShareholders also passed a resolution authorising the issuance and allotment of shares pursuant to Sections 75 and 76 of the Companies Act 2016 while waiving their pre-emptive rights.The resolutions to re-elect Dato' Dr. Ir. Ts. Mohd Abdul Karim bin Abdullah and Datu Haji Abdul Hadi bin Datuk Abdul Kadir to the board of directors were not tabled as they retired effective 8 December 2022. Other resolutions passed included the reappointments of eligible directors up for re-election.Group Managing Director of SCIB, Encik Rosland bin Othman, said, "We are happy to engage with our shareholders virtually in the AGM today and answer their questions. On behalf of SCIB, I would like to thank them for having placed their trust and confidence in us at what has been a challenging period. We would also like to thank both Dato' Dr. Ir. Ts. Mohd Abdul Karim and Datu Haji Abdul Hadi for their years of leadership and dedication to SCIB.""I can confidently say that the Company is looking forward to 2023 following the measures we have adopted focusing on our strengths and ensuring our resilience in the face of changes in the construction industry."Among the measures the Company took is a kitchen-sinking exercise pertaining to the recent cancellation of four projects as well as the settlement agreement over six projects in Qatar and Oman. These measures were taken to safeguard the Company's interests. In respect of the cancellation of the five projects, the decision was taken after reviewing and updating the Company's order book records to reflect the current situation while, in respect of the projects in Qatar and Oman, there is no financial impact to the trade receivables."In regards to the outlook, as East Malaysia's leading precast concrete and Industrialised Building System (IBS) manufacturer, we expect Sarawak Economic Development Corp's successful tender of the RM448 million System Package Two contract for the Kuching Urban Transportation System project phase one to have positive impact for the state economy while the announcement of the RM50 billion MRT3 project will spur demand for civil engineering services and building materials as well as give a much needed boost to the nation's construction sector.""We intend to leverage on our strengths as a leading precast concrete and IBS manufacturer to seek opportunities for our engineering, procurement, construction and commissioning (EPCC) business where we specialise in small-to-mid-sized projects for water, electricity, roads, health and education infrastructure. SCIB's geographical scope expanded to Peninsular Malaysia in recent years and we are also seeking EPCC opportunities in neighbouring Kalimantan in which our manufacturing business can play a pivotal role. To ensure business sustainability, we have also adopted technology such as 3D printing for construction as we transform to meet the challenges of the present and the future."As of 30 November 2022, SCIB has an order book of RM564.7 million with earnings visibility until 2026.Sarawak Consolidated Industries Bhd: 9237 [BURSA: SCIB], http://scib.com.my Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)
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SCIB Posts 14.5% Increase in Revenue to RM30.3 Million in 1Q FY2023 ACN Newswire

SCIB Posts 14.5% Increase in Revenue to RM30.3 Million in 1Q FY2023

November 30, 2022
KUCHING, MALAYSIA, Nov 30, 2022 - (ACN Newswire via SEAPRWire.com) - Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) today announced that the Company registered a 14.5% increase in revenue to RM30.3 million for the first quarter ended 30 September 2022 (1Q FY2023) compared with RM26.5 million in the corresponding quarter of the previous financial year (1Q FY2022).Group MD and CEO of SCIB, Encik Rosland bin OthmanIndependent Non-Executive Chairman, Encik Shamsul Anuar bin Ahamad IbrahimFor the quarter under review, SCIB's loss before tax (LBT) narrowed by 65.3% to RM942,000 compared with LBT of RM2.7 million in 1Q FY2022.On a segmental basis, revenue contribution from manufacturing increased 26.8% to RM24.2 million in 1Q FY2023 compared with RM19.1 million in the corresponding quarter of the previous financial year while revenue contribution from the engineering, procurement, construction and commissioning (EPCC) business decreased 16.9% to RM6.2 million from RM7.4 million.Group Managing Director of SCIB, Encik Rosland bin Othman, said, "The manufacturing business continues to be the mainstay in the quarter under review. It has also returned to profitability as there was a profit before tax of RM1.0 million compared with LBT of RM217,000 in 1Q FY2022 mainly attributable to the increase in revenue and contribution margins from the sales of concrete products and lower administrative expenses. The EPCC business saw a slight decline and while there was a loss, profitability actually improved as a result of lower administrative expenses.""We remain cautiously optimistic as we leverage on our strengths as the largest precast concrete and Industrialised Building System (IBS) manufacturer in Sarawak and Sabah to continue seeking opportunities in Peninsular Malaysia and Indonesia focusing on small-to-mid-sized infrastructure for water, electricity, roads, health and education projects.Chairman of SCIB, Encik Shamsul Anuar bin Ahamad Ibrahim added, "We view favourably Sarawak Economic Development Corp's successful tender of the RM448 million System Package Two contract for the Kuching Urban Transportation System project phase one as such projects have positive spillover for the state economy.""The Company recently unveiled an IBS sample house built with 3D printer technology to showcase the important role technology has and will continue to have in the construction industry. These technology initiatives will play an increasingly important role for us as we transform to meet the challenges of the present and the future," En. Shamsul Anuar said.The Company also announced separately on the stock exchange that SCIB and its wholly-owned subsidiaries, SCIB International (Labuan) Ltd., SCIB Properties Sdn. Bhd. and SCIB Industrialised Building System Sdn. Bhd, have issued notices of termination to four clients to mutually terminate contracts with them.En. Rosland said, "The Company is enforcing its rights under the contracts and taking the necessary measures to protect SCIB's interests in mitigating the risks arising from the long-overdue debts owing by the clients or the slow or non-movement of progress for projects that these clients have undertaken due to uncertainties arising from the COVID-19 pandemic as well as the economic and political situations. We also made this decision after reviewing and updating the Company's order book records to reflect the current situation."As of 30 November 2022, SCIB has an order book of RM564.7 million with earnings visibility until 2026.Sarawak Consolidated Industries Bhd: 9237 [BURSA: SCIB], http://scib.com.my Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)
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SCIB Announces Changes at Board Level ACN Newswire

SCIB Announces Changes at Board Level

October 25, 2022
KUCHING, MALAYSIA, Oct 25, 2022 - (ACN Newswire via SEAPRWire.com) - Civil engineering specialist Sarawak Consolidated Industries Berhad (Bursa: SCIB, 9237) today announced Encik Shamsul Anuar bin Ahamad Ibrahim be redesignated as Independent Non-Executive Chairman with immediate effect.Encik Shamsul Anuar bin Ahamad Ibrahim, SCIB's new Independent Non-Executive ChairmanEncik Shamsul Anuar said, "I am delighted on the redesignation and I look forward to working even more closely with the team in our journey to transform SCIB to a better, stronger and more sustainable business through our expansion to Peninsular Malaysia and more recently, our exploration into projects in neighbouring Kalimantan, Indonesia.""We welcome Encik Shamsul Anuar as our new Chairman and look forward to working with him to grow SCIB. His experience in state-owned enterprises will be invaluable to us," Group Managing Director and Chief Executive Officer of SCIB, Encik Rosland bin Othman, said.Encik Shamsul Anuar, a fellow of the Association of Chartered Certified Accountants and member of the Malaysian Institute of Accountants, was first appointed to the board of the Company on 1 September 2015. He is a member of SCIB's Audit Committee and Remuneration & Nomination Committee as well as Chairman of the Risk Management Committee.He is currently the Group Corporate Affairs General Manager of Permodalan ASSAR Sdn. Bhd., the holding company of Amanah Saham Sarawak Bhd, a state-owned investment company with a portfolio of investments in financial services, agriculture and resource-based, property development and construction, services and technology, manufacturing, trading and others. He also sits on the BOD of Transnational Insurance Brokers Sdn. Bhd.Sarawak Consolidated Industries Bhd: 9237 [BURSA: SCIB], http://scib.com.my Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)
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