Binastra posts record profit as construction segment continues to drive earnings

KUALA LUMPUR (March 25): Binastra Corp Bhd, formerly known as Comintel Corp Bhd, posted a record-high net profit of RM15.38 million for its fourth quarter ended Jan 31, 2024 (4QFY2024), a jump of 176.32% compared with RM5.57 million a year earlier, on the back of higher revenue driven by its construction segment.

Revenue more than doubled to RM155.37 million from RM73.78 million in 4QFY2023, the group’s Bursa Malaysia filing showed.

Its construction segment recorded a profit before tax of RM20.7 million during the quarter, up 125% from RM9.2 million a year earlier, as revenue more than doubled to RM155.4 million from RM73.8 million.

“This segment is the main contributor to the group’s overall revenue and profitability and is expected to continue to deliver positive results and improve the group’s overall results moving forward,” said Binastra.

For the full year, the group’s net profit surged to a record of RM40.77 million from RM16.52 million in the previous year. Revenue rose 130.03% to RM425.2 million from RM184.85 million in FY2023.

Binastra said that as of end-January 2024, the group had 15 ongoing construction projects with an outstanding orde book of about RM1.4 billion, which the group expects will provide earnings visibility over the next four financial years.

“The group will continue to pursue additional contracts to replenish and expand the construction order book which is envisaged to sustain the future earnings of the group,” it added.

Shares in Binastra, which have risen 102.41% in the past one year, finished up one sen or 0.6% to RM1.68 on Monday, valuing the group at RM760.20 million.

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