[UEM EDGENTA BHD：由于运营成本增加，HS部门的利润较低]

4Q19 vs 3Q19:
本季度的集团税前盈利（PBT）为1.263亿令吉，明显高于上一季度的2,590万令吉，这是由于以下原因造成的：

资产管理：
资产管理部门的收入增加了3,510万令吉，因有来自马来西亚的医疗保健特许经营的可持续发展计划，以及医疗保健支持（HS）部门在新加坡和台湾的新商业项目。资产管理部门的PBT增加了1250万令吉，与PFS部门的额外收入一致。相比之下，由于运营成本增加，HS部门的利润较低。

基础设施解决方案：
基础设施解决方案部门收入增加了7,760万令吉，这主要是由于基础设施服务（“ IS”）部门在此期间完成了更多的高速公路铺装工作。资产顾问公司（AC）部门的收入也增加了740万令吉，这归因于本季度进行的更多顾问工作。基础设施解决方案的PBT也增加了6,410万令吉，这是因为IS部门在该年度录得更高的收入。 AC部门的业绩还设法扭转了前期的亏损，因项目利润率提高了。

其他：
来自阿布扎比项目最终结算的收入增加，但由于上一季度出售了更多的房地产单位，物业开发（PD）部门的收入减少而被抵消。

YoY:
本季度的集团税前利润为1.263亿令吉，比去年同期的8,310万令吉增加了51.9％。UEM前线的全年PBT达2亿4千500万令吉，较去年增加4千6百50万令吉或23.4％，这归因于各部门的表现较佳，详情如下：

资产管理：
资产管理业务的收入较上年同期增加了1.504亿令吉，这是因为HS部门所有地区都获得了新业务。 PFS部门也小幅增长1.5％，这主要是由于迪拜项目的收入和年内获得的新项目的收入增加，但在年终被设施和乡镇管理项目的收入减少所抵消。

资产管理PBT较上年同期增加860万令吉，这是由于当前项目的利润率提高，以及PFS部门对上一年的应收帐款一次性拨款。 HS部门在新加坡和台湾的利润压缩，以及马来西亚特许经营业务运营成本的增长抵消了这一增长。

基础设施解决方案：
基础设施解决方案的收入也有所改善，因为IS部门为马来西亚和印度尼西亚的高速公路增加了工程量，从而增加了5,150万令吉。 AC部门也录得1,780万令吉的增长，主要来自东马的顾问项目。基础设施解决方案的PBT改善了3,440万令吉，主要是由于IS部门的收入增加。

其他：
PD部门由于售出更多的房地产单位以及阿布扎比的项目最终结算而录得可观的收入增长。

前景：
鉴于2020财政年度动荡不安，以及全球冠状病毒爆发的威胁，Edgenta在面临下行风险的情况下仍保持警惕。主要贸易伙伴的增长弱于预期，金融市场动荡加剧，以及国内因素，其中包括与大宗商品相关的部门的疲软和项目执行的延误。

资产管理：
由于区域商业和马来西亚特许经营业务的利润率压缩，医疗保健支持部门的PBT降低。到2020年，由医疗保健支持部门领导的资产管理部门预计将继续为公司带来增长，这是由于对医院支持服务的需求不断增长，以及在传统医院环境之外出现了新的护理模式。

基础设施解决方案：
鉴于马来西亚收费公路行业的不确定性，截至2019年12月31日的财政年度对于在基础设施领域运营的基础设施服务和咨询部门而言是充满挑战的一年。基础设施服务和咨询部门将在其现有项目的基础上，在印度尼西亚和东马制造长期的增长机会。
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James Ng
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[UEM EDGENTA BHD: HS division recorded a lower profit due to increasing operational costs]

4Q19 vs 3Q19:
The Group’s profit before tax ("PBT") for the current quarter of RM126.3 million was significantly higher than the immediate preceding quarter’s RM25.9 million, contributed by the below:

Asset Management:
Revenue from Asset Management Segment is higher by RM35.1 million contributed by sustainability programmes for the healthcare concession operations in Malaysia, as well as from new commercial projects in Singapore and Taiwan under the Healthcare Support ("HS") division. Asset Management's PBT increased by RM12.5 million in line with the additional revenue from PFS division. In contrast, HS division recorded a lower profit due to increasing operational costs.

Infrastructure Solutions:
Infrastructure Solutions Segment noted higher revenue by RM77.6 million, mainly due to more pavement work done for expressways during the period by the Infrastructure Services (“IS”) division. Asset Consultancy ("AC") division's revenue also increased by RM7.4 million from more consultancy work done in the current quarter. Infrastructure Solutions also recorded higher PBT by RM64.1 million due to higher revenue posted by IS division for the year. AC division's results also managed to turn around prior period's loss from better margins of projects.

Others:
Higher revenue from final settlement of Abu Dhabi project, offset slightly by lower revenue from Property Development ("PD") division as more property units were sold in the immediate preceding quarter.

YoY:
The Group’s PBT for the current quarter of RM126.3 million increased by 51.9% as compared to RM83.1 million in the corresponding quarter last year. The Group recorded higher PBT of RM245.0 million for the year, an increase of RM46.5 million or 23.4% from last year driven by better performance across all segments as detailed below:

Asset Management:
Revenue from Asset Management increased by RM150.4 million compared to prior year, due to new businesses secured across all regions in the HS division. PFS division also registered a modest increase of 1.5%, mainly due to higher revenue from Dubai projects and new project secured during the year, offset by lower revenue from facilities & township management projects ended during the year.

Asset Management PBT improved by RM8.6 million compared to prior year due to better margins from current projects as well as one-off provisions made for receivables in prior year in the PFS division. The increase is offset by HS division’s margin compression in Singapore and Taiwan, coupled with increasing operational costs in the concession business in Malaysia.

Infrastructure Solutions:
Revenue from Infrastructure Solutions also improved, showing an increase of RM51.5 million from higher volume of work done for expressways in Malaysia and Indonesia by IS division. AC division also recorded an increase of RM17.8 million mainly from consultancy projects in East Malaysia. Infrastucture Solutions posted better PBT by RM34.4 million mainly contributed by higher revenue from IS division.

Others:
PD division recorded a significant revenue increase from higher number of property units sold and final settlement of project in Abu Dhabi.

Prospects:
Given the tumultuous start to the financial year 2020 and the threat of the coronavirus outbreak globally, Edgenta remains vigilant of its prospects on the back of downside risks; namely weaker-than-expected growth of major trade partners, heightened volatility in financial markets, and domestic factors that include weakness in commodity-related sectors and delays in the implementation of projects.

Asset Management:
The Healthcare Support division recorded muted PBT due to margin compression in both its regional commercial and Malaysian concession businesses. In 2020, the Asset Management segment led by the Healthcare Support division is expected to continue to deliver growth for the Company, fueled by the increasing demand for hospital support services and the emergence of new care models beyond the traditional hospital settings.

Infrastructure Solutions:
The financial year ended 31 December 2019 was a challenging year for the Infrastructure Services and Consultancy divisions operating in the infrastructure sector, on the back of uncertainties surrounding the tolled highway industry in Malaysia. Both the Infrastructure Services and Consultancy divisions will build on their existing pipeline of projects for long-term growth opportunities in Indonesia and East Malaysia.
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