Grand-Flo Berhad (GFB) delivered positive results in its third quarter ended 30 September 2020, registering a net profit of RM1.2 million, an improvement from the deficit of RM0.4 million recorded in the same quarter last year. This was achieved on the back of a higher revenue of RM20.1 million, up by 10% compared with RM18.2 million in last year’s corresponding quarter.
Despite challenging market conditions due to the COVID-19 pandemic, GFB’s performance was still strongly driven by its Property Development Division and the Division recorded a net profit of RM3.1 million in the third quarter, up by 180%
compared with RM1.1 million in the same quarter last year.
Dato’ Sri Yap Ngan Choy, Executive Chairman/ Group Managing Director of Grand-Flo Berhad, said, “We are heartened by the strong performance achieved for the quarter under review. The initiatives undertaken by the Group are starting to bear fruit and this is reflected in the strong contribution of our Property Development Division, particularly as a result of new development projects under our belt. As a result, the Division has continued to deliver profitable and sustainable earnings for the first three quarters of the year, with double digit net profit margins.”
“Following the completion of the disposal of our Enterprise Data Collection and Collation System (EDCCS) segment, we are fully focused on strengthening our property development business. Leveraging on our technical skills-sets, vast experience and expertise in the sector, GFB aims to steer property development as our core business stream.”
“Moving forward, despite challenging market conditions, we are confident that our net cash position coupled with our proven expertise as a project rehabilitation specialist will place us in good stead and enable us to offer competitive bidding in this segment. We remain single-minded in creating sustainability and profitability for the rehabilitating of
abandoned projects, with a view towards supporting local property ownership,” concluded Dato’ Sri Yap Ngan Choy.
GFB is driven by a strong management team which possess over 20 years of experience in the property development segment and expertise in rehabilitating mega abandoned development projects, including Malaysia’s biggest recovery project to date for a 127.5-hectare township in Bandar Baru Salak Tinggi, Selangor, and Pahang’s largest abandoned housing development project, Genting Highlands Billion Court.