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Borneo Post
29-04-2025
- Business
- Borneo Post
SCIB accepts RM49 mln Islamic financing from MIDF to support new Demak Laut factory
Ku Chong Hong KUCHING (April 29): Industrialised building systems specialist Sarawak Consolidated Industries Berhad (SCIB) announced that its indirect wholly-owned subsidiary, SCIB Concrete Manufacturing Sdn Bhd (SCM), has accepted three letters of offer (LO) from Malaysian Industrial Development Finance Berhad (MIDF) for a total financing amount of RM49 million under the Islamic Soft Financing Scheme for Automation and Modernisation (SFSAM-i). This strategic financing package will support the company's development of its new manufacturing facility located at Demak Laut Industrial Park Phase 11B (Stage 2) here. The RM49 million financing will cover three core components critical to the new facility's establishment. A portion of RM13.6 million will be used to part-finance the acquisition of five industrial plots situated at Muara Tebas Land District. Additionally, RM20 million will be allocated to part-finance the construction of the new factory, which will include facilities such as an office block, store, workshop, and factory production areas. The remaining RM15.4 million will be channelled towards part-financing the acquisition of new, high-capacity machinery to support the modernisation and automation of the manufacturing processes. 'This financing package from MIDF is a significant milestone in our growth journey. It not only supports our ongoing expansion plans but also reinforces our commitment to modernising our manufacturing capabilities through automation,' said SCIB managing director Ku Chong Hong. 'The development of our new facility in Demak Laut will substantially enhance our production efficiency, capacity and ability to serve large-scale infrastructure projects across East Malaysia and beyond.' The establishment of the new manufacturing facility, together with the acquisition of advanced machinery, will enable SCIB to significantly broaden its conventional product range and enhance production efficiency. This expansion positions the company to meet the growing demand for high-quality, locally manufactured building components, particularly as Malaysia accelerates the rollout of major infrastructure projects.
Borneo Post
24-04-2025
- Business
- Borneo Post
SCIB clarifies lawsuit against Awana JV Suria Saga not entirely withdrawn
Ku Chong Hong KUCHING (April 24): Sarawak Consolidated Industries Berhad (SCIB) clarified today that it has not entirely withdrawn its lawsuit against Awana JV Suria Saga Sdn Bhd (Awana). The industrialised building systems specialist said the legal reliefs previously sought under a separate suit have been consolidated into a broader legal action (the main suit). 'The amended statement of claim, filed on April 18, integrates the RM19.72 million recovery claim into the main suit to streamline proceedings and facilitate a more efficient litigation process,' SCIB said in a statement. The statement was issued in response to a media report yesterday concerning the discontinuation of the legal suit involving its wholly-owned subsidiary SCIB Properties Sdn Bhd (SCIBP) and Awana. SCIB affirmed that the discontinuation of the separate action does not reflect a withdrawal or abandonment of its claim. The company said it represents a strategic legal approach to pursue the matter more effectively under a single consolidated suit. 'We would like to assure our shareholders and stakeholders that SCIB remains fully committed to recovering the RM19.72 million from Awana,' said SCIB managing director Ku Chong Hong. He said the consolidation of claims into a single legal action is a procedural refinement that enables SCIB to pursue its rights more efficiently and with greater legal clarity. 'There has been no compromise to the substance or seriousness of our position. We will continue to act in the best interest of the company and ensure transparency throughout this process,' he said. The statement said SCIB pledged to remain committed to upholding its legal rights and continue to act in the best interests of the company and its shareholders. 'The board assures that it will provide timely updates on any material developments related to this matter,' added the statement.
New Straits Times
23-04-2025
- Business
- New Straits Times
SCIB unit not fully withdrawn Awana lawsuit
KUALA LUMPUR: Sarawak Consolidated Industries Bhd (SCIB) has clarified that its wholly-owned SCIB Properties Sdn Bhd has not fully withdrawn its lawsuit against Awana JV Suria Saga Sdn Bhd (Awana). Instead, the company explained that legal reliefs previously sought under a separate suit had been consolidated into a broader legal action, now referred to as the main suit. "The amended statement of claim, filed on April 18, 2025, integrates the RM19.72 million recovery claim into the main suit to streamline proceedings and facilitate a more efficient litigation process. "SCIB affirms that the discontinuation of the separate action does not reflect a withdrawal or abandonment of the company's claim. "Rather, it represents a strategic legal approach to pursue the matter more effectively under a single consolidated suit," it said in a statement. This is contrary to the impression conveyed in a media report on April 23. The company assures its shareholders and stakeholders that it remains fully committed to recovering the RM19.72 million from Awana. Its managing director Ku Chong Hong said the consolidation of claims into a single legal action is a procedural refinement that enables SCIB to pursue its rights more efficiently and with greater legal clarity. "There has been no compromise to the substance or seriousness of our position. We will continue to act in the best interest of the company and ensure transparency throughout this process," he added.
Associated Press
27-02-2025
- Business
- Associated Press
SCIB Reports Q2FY2025 with Revenue of RM49.83 Million and PBT Growth of 55.32% to RM2.38 Million
KUCHING, MALAYSIA / ACCESS Newswire / February 27, 2025 / Industrialised building systems specialist, Sarawak Consolidated Industries Berhad ('SCIB' or the 'Company') is pleased to announce its financial results for the second quarter ended 31 December 2024 ('Q2FY2025"), demonstrating a turnaround with a revenue of RM49.83 million and a Profit Before Tax ('PBT') of RM2.38 million. This represents an improvement compared to the previous year's corresponding quarter, underscoring the Company's resilient operational strategies, cost efficiency, and steady business recovery. SCIB's Q2FY2025 revenue of RM49.83 million reflects a robust 30.83% increase compared to RM38.09 million in Q2FY2024. Similarly, PBT surged by 55.32% from RM1.53 million to RM2.38 million, primarily driven by contributions from both the Manufacturing and Construction/Engineering, Procurement, Construction and Commissioning ('EPCC') segments. The Manufacturing division, which remains SCIB's core business, recorded RM30.67 million in revenue in the current quarter, an increase from RM28.76 million in the corresponding quarter of the previous year, bolstered by high demand for foundation piles, IBS products, and other precast concrete solutions. Meanwhile, the Construction/EPCC segment experienced an increase of revenue from RM9.33 million in Q2FY2024 to RM19.16 million in Q2FY2025, which resulted in a segmental PBT of RM1.90 million as compared to a Loss Before Tax ('LBT') of RM0.18 million in Q2FY2024. Compared to the immediate preceding quarter ('Q1FY2025"), SCIB recorded a revenue increase from RM45.15 million to RM49.83 million, representing a 10.38% quarter-on-quarter growth. PBT also improved significantly, rising from RM0.14 million in Q1FY2025 to RM2.38 million in Q2FY2025, driven by improved project execution and enhanced operational efficiencies. The Manufacturing segment remained stable with RM30.67 million in revenue, continuing its positive trajectory with demand for SCIB's IBS components and foundation piles. Meanwhile, the Construction/EPCC division rebounded highly with a 52.10% increase in revenue from RM12.60 million in Q1FY2025 to RM19.16 million in Q2FY2025, coupled with a turnaround from a segment loss to a PBT of RM1.90 million, demonstrating improved project execution and disciplined cost management. Ku Chong Hong, Managing Director of SCIB Mr. Ku Chong Hong, Managing Director of SCIB, commented, 'We are pleased to report a financial turnaround in Q2FY2025, driven by the continued growth in our manufacturing and construction/EPCC segments. Our strategic execution and operational efficiencies have resulted in increased profitability, reaffirming the strength of our business fundamentals. The EPCC segment has rebounded with stronger project execution, while our manufacturing division continues to deliver steady revenue growth through rising demand for IBS and precast concrete products in key infrastructure projects.' He further added, 'In line with our commitment to strengthening our financial foundation, we have successfully secured RM48.00million in Islamic banking facilities from Affin Islamic Bank Berhad and an additional RM21.20 million from RHB Islamic Bank Berhad. These facilities provide us with greater financial flexibility to support ongoing and future projects, ensuring a sustainable pipeline of business opportunities. Additionally, the recent land acquisitions in Bintulu, totalling 9.84 hectares across two transactions, position us well for future expansion. These acquisitions will facilitate collaborations with developers for residential housing projects, integrating SCIB's in-house manufactured products to enhance our value proposition in the market. We remain committed to leveraging these strategic investments to drive long-term, sustainable growth.' SCIB remains optimistic about Malaysia's construction and infrastructure sector, bolstered by major government-led initiatives under Budget 2025. With RM421 billion allocated, including RM86 billion for development expenditure, the government's focus on large-scale infrastructure projects presents significant opportunities for industry players. The RM5.9 billion allocated for Sarawak, which includes investments in public infrastructure, education, healthcare, and transport networks, will further drive demand for IBS and precast concrete solutions. SCIB is strategically positioned to capitalise on key projects such as the Sabah-Sarawak Link Road ('SSLR'), the RM6.1 billion North Coastal Highway project, and various school and healthcare facility upgrades in Sarawak. By leveraging the manufacturing expertise and expanding its construction capabilities, SCIB is well-positioned to seize new opportunities in both local and regional markets, reinforcing its commitment to delivering sustainable growth and long-term value for stakeholders. ABOUT SARAWAK CONSOLIDATED INDUSTRIES BERHAD Sarawak Consolidated Industries Berhad ('SCIB') was founded in 1975 and has evolved from a small enterprise into a reputable Group of companies listed on the Main Market of Bursa Malaysia Securities Berhad. Currently, SCIB is operating three factories in Kuching, Sarawak, one factory in the Pending Industrial Estate and two factories in the Demak Laut industrial park. SCIB is well known for professional management and has long history of innovative ideas and technological advances. Coupled with its wealth of experience and research acquired in more than three decades, SCIB offers its clients in-depth expertise through a combination of technology, efficiency and speed. Jazzmin Wan
