Sales fell by 33% y-o-y to $238.4 million mainly due to lower revenue contribution from the completion of certain projects from the construction division. The group’s real estate division also saw lower revenue recognition from the completion of a development project.
Gross profit, however, surged by 157% y-o-y to $19.3 million due to improved margins from the group’s bio-refinery and renewable energy, building materials and real estate divisions.
The group also announced that its indirect wholly-owned subsidiary, G & W Industries (M) Sdn Bhd, entered into a sale and purchase agreement (SPA) to sell its freehold land in Johor Bahru for RM81,500,000 ($24.6 million). According to the group, the land is vacant is not being used for operations.
The group will net some $20.1 million from the sale.
See also: Grand Venture Tech reports 1QFY2025 earnings of $2.6 mil, up 27.7% y-o-y
On the same day, Koh Brothers Eco Engineeringreported a loss of $17.1 million for the FY2024 ended Dec 31, 2024, compared to the $15.2 million loss reported in FY2023. Koh Brothers Groupis the largest shareholder of the Catalist-listed company.
Revenue fell by 16% y-o-y to $149 million mainly from lower revenue recognised from the engineering and construction segment with the completion of certain projects. The decline is partly offset by higher revenue from the bio-refinery and renewable energy segment, driven by growing demand for edible and non-edible oils and fats, especially vegetable oils.
Shares in Koh Brothers Group and Koh Brothers Eco Engineering closed at 14.5 cents and 4.3 cents respectively on Feb 21.
