PERFORMANCE REVIEW For FY2021, PRG and its subsidiaries (“the Group”) reported revenue of RM190.5 million which is RM5.9 million lower than what was reported in the financial year ended 31 December 2020 (“FY2020”). For the same period profit before tax came in at RM15.6 million which is RM48.1 million improvement from loss before tax of RM32.5 million recorded in the preceding year. Big improvement from profit before tax was due to higher sales and profit recognition from our property project Embayu @ Damansara West (“Embayu Project”) and improved performance from manufacturing division. The one-off impairment loss on goodwill and other assets was also lower as compared to last year. Due to resurgence in infection of Novel Coronavirus Disease-2019 (“COVID-19”), the manufacturing operations in Malaysia and Vietnam were disrupted from June to October 2021. However, the rebound in sales orders for webbing and rubber tape products during the year pushed the overall sales performance of this division. For FY2021, manufacturing division recorded a revenue of RM116.2 million which was RM19.9 million higher than the RM96.3 million recorded in the preceding year. Notwithstanding the strong sales, manufacturing division was still recorded a loss before tax of RM8.7 million, mainly due to further impairment losses on goodwill and other assets of RM18.3 million (2020: RM16.3 million) was recognised for the manufacturing business in the People’s Republic of China (the “PRC”) in view of prolong pandemic and business disruption in PRC. Despite the difficult property market, our team strive forward during the year and produced very encouraging result for the property and construction division. The Embayu Project had recorded an astonishing sale of approximately 61.2% up to December 2021. Since we price it at an affordable price range all the units were almost taken up. We expect the Embayu project to contribute positively to our group in upcoming years. However, the construction segment saw delay in the work and billing caused by the outbreak of COVID-19 pandemic. This division recorded profit before tax of RM10.7 million or an improvement of RM14.9 million compared to loss before tax of RM4.2 million recorded in the preceding year. Chairman’s Statement 11 P R G H O L D I N G S B E R H A D A N N U A L R E P O R T 2 0 2 1 (cont’d) had recorded an astonishing sale of approximately 61.2% up to December 2021 Embayu @ Damansara West 61.2% For FY2021, manufacturing division recorded a revenue of RM116.2 million which was RM19.9 million higher than the RM96.3 million recorded in the preceding year.
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