GROUP FINANCIAL PERFORMANCE (RM’million) Correspondingly, our balance sheet strengthened during the year. Total assets increased by RM56.0 million to RM3.01 billion, largely due to higher trade receivables and contract related assets. We recorded a RM58.3 million increase in liabilities with higher projectrelated payables reflecting ongoing cost commitments. However, this was partially offset by a reduction in borrowings due to loan repayments. Equities and reserves decreased marginally, attributed mainly to foreign currency translation adjustments as the Malaysian Ringgit strengthened against operating currencies across our international subsidiaries. This non-operational impact does not affect the Group’s core financial performance. These results demonstrate our balanced approach to revenue generation and cost optimisation, as we fund our strategic growth with discipline and a long-term view on sustainable shareholder value creation. In line with this, a single-tier interim dividend of 4.0 sen per ordinary share was declared for FY2024, reflecting our strong performance and commitment to rewarding our shareholders. SEGMENTAL HIGHLIGHTS The Healthcare Solutions division recorded revenue of RM1,611.7 million in FY2024 (5.4% Y-o-Y). Higher ongoing contracts in Singapore and Taiwan contributed to this exceptional performance, supported by operational efficiencies and strategic cost management. We also successfully negotiated contract sum adjustments with our customers to address rising labour costs as a result of the Progressive Wage Model (PWM) in Singapore and minimum wage rises in Malaysian and Taiwan. Beyond the healthcare sector, we expanded our reach into adjacent sectors, penetrating the hospitality, retail and transportation industries to deepen our footprint, broaden our order book and unlock new opportunities. The Infrastructure Services division saw a 2.3% Y-o-Y decline in revenue at RM975.6 million in FY2024. However, this was anticipated due to the completion of spillover work orders in early 2023 and the conclusion of major work packages under the Sarawak Coastal Road project. This impact was partially offset by contributions from new contracts secured during the year, including road maintenance projects in Malaysia and orderbook replenishments in Indonesia. As we continue to diversify beyond our traditional PLUS-linked contracts, these new engagements contribute to a more balanced and resilient portfolio. Additionally, the commercialisation of the Recycled Asphalt Premix (RAP) plant in FY2024 will provide cost and margin benefits in raw materials, establish a product-based revenue stream, and support our circular economy and broader sustainability goals. In terms of profitability, the division recorded a marginally lower PBT, attributed to lower gross profit margins and an increase in finance costs related to banking guarantees for new projects. Nonetheless, disciplined cost containment contributed to a stable overall performance. Revenue 2023 2024 2,881.0 3,049.8 PBT 2023 2024 63.7 98.3 PAT 2023 2024 30.1 51.8 Normalised PBT* 2023 2024 64.9 113.7 Normalised PAT* 2023 2024 31.3 66.8 * Normalised profit excluding: 2024: Staff rationalisation cost (-RM15.0 million) 2023: Staff rationalisation cost (-RM1.6 million) and gain on revaluation of investment property (RM0.4 million) CFO’s Statement UEM EDGENTA BERHAD 38 Integrated Annual Report 2024
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