Naim continues its robust growth, on track to exceed target for this year

Borneo Post December 1, 2012, Saturday

KUCHING: Property development and construction group, Naim Holdings Bhd (Naim) continues to record robust growth.

The group released its results for the third quarter (3Q) for 2012 yesterday, following its board of directors’ meeting held at its office at Wisma Naim in Kuching.

With these results, the group’s profit before tax as at 3Q12 stood at RM90.3 million, an increase of 76.9 per cent as compared with that of 2011, one of the highest in the group’s history.

Earnings per share for the period also increased from 17.58 sen in 3Q11 to 32.23 sen in 3Q12, while net assets per share rose RM0.26 sen from RM2.99 as at December 31, 2011 to RM3.25 as at September 30, 2012.

The group revenue also increased by 10.6 per cent from RM120.6 million to RM133.4 million compared with the immediate preceding quarter of 2012.

The strong performance was mainly attributed to a strong results recorded by its property development division, an improvement in project margin for its construction division and positive contribution from its investments in associates namely Dayang Enterprise Holdings Bhd and joint venture initiatives.

Property revenue improved by five per cent as compared with the immediate preceding quarter, while the construction segment also showed an increase of 22 per cent as compared with the immediate preceding quarter.

With this, the contributions by the core sectors namely property and construction to profit in 3Q were 51.8 per cent and 48.2 per cent respectively.

The group is confident of a strong performance in 2012 despite the uncertain economic climate and will continue to exercise due care to sustain and enhance the shareholder value of the company.