A. Engineering
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It has already been more than 3.5 years since the hospital contracts were awarded in October and December 2016. Are both projects on schedule? What are the contractual handover dates? And contractual delay hand-over LAD claim date?
Construction activities ceased completely during the MCO. Work only recommenced early-June 2020 after the completion of the mandatory foreign worker health screenings for COVID-19.
The contractual completion dates for Hospital Tanjung Karang and Hospital Endokrin Putrajaya are both in November 2020. We have submitted applications for the extension of time due to the MCO and RMCO. JKR is processing our applications.
We are accelerating progress as we adapt to the Government’s Standard Operating Procedures.
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What are the balance revenue and cost for these two hospital projects?
For both hospitals, the balance as at 31 January 2020 is approximately RM260 million.
Light Rail Transit Ampang Line Extension (LRT2) Page: 13
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When will be the date of concluding the Final Account, and the balance revenue and cost for this project?
The Final Account will be concluded in the course of the year. We are still sorting out the balance of the order book.
Light Rail Transit Line 3 (LRT3) Page: 14 and 145
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Is MRCB George Kent Sdn Bhd financial end from 1 Feb to 31 Jan? Will the Board kindly explain Year 2020’srevenue and super-thin profit margin?
MRCB George Kent Sdn Bhd’s financial year end is 31 December 2019.
The LRT3 project was re-modelled from a PDP to a fixed-price turnkey project by the Government. This necessitated the re-design and re-scoping of the overall project, and subsequently the renegotiation of all contracts, and confirmation and agreement of the new contract values with all the work package contractors.
Arising from the above, the project budget and profit have been revised. Consequently, the timing of recognition of revenue and profit was also affected, resulting in the lower profit recognised in FY2020.
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The completion date for the project agreement is 28th Feb 2024. Will the Board kindly share with us the MRCB George Kent Sdn Bhd Revenue and Profit projection for year 2021, 2022, 2023, 2024 and 2025?
As a public listed entity, we are not permitted to provide earnings forecasts. Business operations have, however, resumed with full capacity whilst adhering to the required SOPs.
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Recently IBs raised concerns on Gkent rapidly thinning of construction order-book and no new contracts won. May I respectfully ask what is Gkent’s current tender-book and expected order-book replenishment?
Our current order book stands at RM4.5 billion. We do not have a specific target for its replenishment.
B. Meter (page: 15)
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What is the status of this six-month pilot test?
Pilot testing for one of the states is completed. We are liaising with the water authority on the next steps.
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To-date the group had tendered in total how much RM worth of Malaysia’s water meter replacement programme and the successful rate?
We’ve tendered RM40 million. We do not have details on the success rate.
C. Investment holding and management company (Page: 68)
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What are the assets employed, revenue generated and profit/loss from this principal activity?
As at the end of the financial year, the Group registeredshort-term deposits with licensed banks of RM104.2 million anddividend income of RM1.4 million.
D. Future prospects (page: 16)
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Can the BOD present more detail on the above: M&As, Strategic Partnership, Complementary Business and upcoming tenders participate?
We are looking at acquiring companies in Europe and Asia for technology, products and markets. This will augment our existing operations.
E. General
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Why only two dividends totalling RM13.44 million for the year under review? Will the BOD propose paying dividends for the financial year end 31 Jan 2021?
The Board of Directors decided that this was the best thing to do under the present circumstances. It is the Board’s intention to pay dividends in FY2021.
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I believe in paying dividend over shares buy-back for the reason that shareholders were given the choice to either use the dividend received to buy more Gkent or sell their shares after receiving the dividend. These will ride Gkent off short term investors and strengthen the Gkent price in long term. What is the Board’s opinion?
The question of paying dividend over share buybacks is a question of opinion. The Board believes that at a certain price, buying shares back is a good investment for the Company’s money.
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Refer (Page: 55) my appreciation to the Remuneration committee in reducing directors remuneration from RM 7,018,000 (2019) to RM 6,742,000 (2020). May I suggest, Directors use their Directors’ remuneration and dividend received to buy more Gkent shares from the open market? Insiders buying will always have a positive effect and build confidence in the share price.
The Directors take note of your suggestion.
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May I suggest, BOD consider distributing treasury shares to shareholders as “shares dividend”?
The Directors take note of your suggestion.
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Will Management publish the answers to my questions in Gkent website as AGM minutes or email the answers back to me?
The Management takes note of your suggestion.
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Why AGM 2018 - 67th AGM Minutes Summary available for download at the website but AGM 2019 – 68th AGM minutes was missing from the website?
The minutes have been uploaded.
enigmatic ¯\_(ツ)_/¯
Big thank you to sslee & the management of GKENT.
2020-07-31 00:40