Koon Yew Yin's Blog

Eversendai Corporation made a remarkable comeback in FY2023 - Koon Yew Yin

Koon Yew Yin
Publish date: Mon, 06 May 2024, 04:51 PM
Koon Yew Yin
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An official blog in i3investor to publish sharing by Mr. Koon Yew Yin.

All materials published here are prepared by Mr. Koon Yew Yin

Eversendai Corporation Berhad made a remarkable comeback in FY2023, reporting strong profit growth. Here are the key highlights from their financial performance:

1. Revenue Surge: The company’s revenue for FY2023 surged to RM1.45 billion, up from RM905.30 million in the previous year1. This significant increase was driven by progress on Middle East projects.

2. Gross Profit Turnaround: Eversendai highlighted a gross profit of RM177.2 million in FY2023, a substantial improvement from the RM29.5 million gross loss in FY20221. This turnaround was a result of their proactive approaches and innovative construction methodologies.

3. Net Profit: For the full year, Eversendai registered a net profit of RM26.62 million in FY2023, compared to a net loss of RM361.52 million in FY20222. This positive shift reflects their recovery path and successful project execution.

Overall, Eversendai’s commitment to excellence, safety, and consistent performance has contributed to their growth and sustained success in complex construction projects across Asia and the Middle East.

Revenue for FY2023 surged to RM1.45 billion from RM905.30 million the previous year, it said in a filing with the stock exchange today. Eversendai highlighted a gross profit of RM177.2 million in FY2023, a significant turnaround from the RM29.5 million gross loss in FY2022, largely attributable to progress on Middle East projects.

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