KUALA LUMPUR (Aug 2): Infrastructure group Taliworks Corp Bhd (KL:TALIWRK) is expected to get a boost during the current financial year ending Dec 31, 2024 (FY2024) from insurance payments related to replacement costs for the solar modules at its wholly owned subsidiaries' solar plants. The insurance proceeds are expected to be received this month.

In a filing with Bursa Malaysia on Friday, Taliworks said the US$2.32 million (RM10.67 million) in insurance payments the group will receive is expected to contribute positively to the group’s financial performance for FY2024.

Its indirect wholly owned subsidiaries — TR CPark Sdn Bhd and TR Sepang Sdn Bhd — had entered into three separate agreements last month for the acceptance of the insurance payments.

Taliworks kicked off FY2024 on a positive footing, reporting a net profit of RM15.03 million for 1QFY2024, up 49% from RM10.06 million a year ago, on higher bulk water supply rate for its water treatment and supply division from 42 sen per cu m to 48 sen per cu m beginning Jan 1, 2024, and higher share of results from its joint venture company, Grand Sepadu (NK) Sdn Bhd.

This was despite revenue for 1QFY2024 slipping 0.2% to RM93.33 million from RM93.53 million in 1QFY2023.

The group had also paid out a first interim dividend of one sen per share, amounting to RM20.2 million, for FY2024 on June 28.

At 2.25pm on Friday, Taliworks shares were traded down 1.5 sen or 1.81% at 81.5 sen, giving it a market capitalisation of RM1.64 billion. The stock has fallen 4.12% so far this year.