KUALA LUMPUR (June 26): UUE Holdings Bhd (KL:UUE), which is set to be listed on the ACE Market of Bursa Malaysia on July 2, said its net profit for the fourth quarter ended Feb 29, 2024 (4QFY2024) came in at RM1.27 million.
Quarterly revenue was RM34.84 million, the engineering company said in a statement on Wednesday.
There are no comparative figures as this is UUE’s first interim financial report ahead of its listing.
The company said its underground utilities engineering solutions segment contributed over 92.8% of its total revenue (RM32.3 million) in 4QFY2024, while the remaining RM2.5 million came from manufacturing high-density polyethylene pipes.
Malaysia remained its largest contributor, representing 79.6% of total revenue (RM27.76 million), with Singapore contributing the remaining RM7.08 million.
For FY2024 as a whole, UUE recorded a net profit of RM15.91 million on revenue of RM125.70 million. The company said RM1.83 million was recognised as non-recurring one-off IPO expenses during the year.
UUE managing director Datuk Dr Kenny Ting said the results “bodes well” for its upcoming listing as it continued to show growth across all business segments.
Ting said that post-listing, UUE’s immediate focus will be on expanding regionally within Peninsular Malaysia, targeting states such as Terengganu, Kelantan and Pahang, while also enhancing services offered in Singapore.
UUE’s shares, offered to the public under the initial public offering (IPO) at 24 sen per share, were oversubscribed by 103.83 times. The IPO is expected to raise RM29.98 million.