WCT : Announces Successful AGM Outcomes and Promising Company Developments

WCT Announces Successful AGM Outcomes and Promising Company Developments

13 June 2024

PETALING JAYA, 13 JUNE 2024 - WCT Holdings Berhad ("WCT" or "the Group"), an investment holding company with businesses in engineering and construction, property development and investment in and management of retail malls and hotels, is pleased to announce the successful passing of all resolutions at the 13th Annual General Meeting ("AGM"), held virtually today.

Dato' Lee Tuck Fook, Group Managing Director of WCT said, "All proposed resolutions tabled at the AGM were duly approved by our shareholders, demonstrating strong confidence in WCT's strategic direction and governance. The resolutions passed include the re-election of board members and the reappointment of external auditors."

Company Performance and Updates

The Group recorded an encouraging first quarter ended 31 March 2024 ("Q1FY24") performance with higher revenue of RM467 million, marking an increase from RM405 million in the preceding year's corresponding quarter ended 31 March 2023 ("Q1FY23"). The Group returned to profitability, with a profit attributable to equity holders of RM16 million in Q1FY24 compared to RM8 million loss in Q1FY23.

The Group's Engineering and Construction Division remains the cornerstone of WCT's revenue, accounting for about 61% of the Group's revenue. In FY2023, WCT completed the TRX Infrastructure and Roadway Works project, which included the construction of roadways and 2.5km of underground road structures connecting major roads and highways with the Tun Razak Exchange, Malaysia's international financial centre. WCT also completed The Exchange TRX and Pavilion Damansara Heights (Parcel One), adding two shopping malls to its retail malls and commercial buildings portfolio. On 1 May 2024, WCT completed the first phase of the new terminal at Sultan Ismail Petra Airport (LTSIP), Pengkalan Chepa, Kelantan. In recognition of WCT's contribution to the field of engineering and construction, WCT Berhad has been honoured with the IEM Award for Contribution to the Engineering Industry in Malaysia 2024.

Continuing the Group's positive momentum, the Property Development Division recorded robust sales and take-up rates of Pavilion Mont' Kiara, Kuala Lumpur, which was launched in August 2023 and recently received the GreenRE Silver certification. "Our adoption of sustainable practices is an important focal point while driving our future projects. Beyond the environmental benefits, embracing sustainability aligns with values to enrich our communities and sustain long-term viability, ensuring a green environment for Malaysians," added Dato' Lee.

The Group's Property Investment and Management Division is increasingly becoming an important income contributor to WCT with a resilient recurring income stream for the Group through its portfolio of shopping malls, hotels, and business aviation. WCT's retail malls, including Paradigm Mall Petaling Jaya, Paradigm Mall Johor Bahru, gateway@klia2 and SkyPark Terminal all reported growth in 2023. Its positive performance is driven by focused efforts to enhance operational efficiency and unique retail experiences, further buoyed by high footfall and rental rates. WCT Malls recently received two accolades at The BrandLaureate Property Branding Awards 2024, namely The BrandLaureate Brandleadership Award - Malls Management for CEO Retail, WCT Malls and Property Landmark Branding Award - Airport Retail and Commercial Development for gateway@klia2.

On 28 May 2024, Segi Astana Sdn Bhd, WCT's joint venture company, entered into an agreement with Malaysia Airport Holdings Berhad (MAHB) to extend the long-term concessions contract to operate gateway@klia2 for a further 22 years until the year 2069. The gateway@klia2 concession is WCT's first concession in Malaysia and began in August 2011. It is scheduled to run for 25 years with an option to extend for 10 more years until the year 2047. The extension demonstrates WCT Malls' ability to play a major role in operating and maintaining an airport shopping mall and transportation hub.

"We are buoyed by both our improved results and the country's positive forecast, where we expect to drive sustainable growth for FY2024 from all three core businesses," concluded Dato Lee.