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Monday, October 5, 2009

Bina Puri sees 20pc growth in net profit, revenue

BINA Puri Holdings Bhd expects net profit and revenue to grow by as much as 20 per cent in the current year, helped by some RM1.15 billion of new jobs it has won this year, and also from contributions of existing works.

It has RM2.4 billion worth of projects in hand, which have yet to be booked into its accounts, group managing director Tan Sri Tee Hock Seng said.

For fiscal 2008, Bina Puri posted a net profit of RM4.3 million on revenue of RM676 million.

Bina Puri has been profitable since its establishment in 1975 and its revenue has been growing steadily by 10 to 15 per cent, especially after listing in 1995.
Its net profit has always been single-digit, but Bina Puri is now aiming for double- digit earnings.

"This year would definitely be better for Bina Puri. The price of raw materials have stabilised and the projects in hand are starting to contribute significantly to our earnings. A lot of our projects are fast track," Tee told Business Times.

He said the most significant contribution in the future will be from its Kuala Lumpur-Kuala Selangor Expressway (KSE) project, which it expects to complete by mid-2011.

The company holds the design-and-build contract, worth almost RM1 billion, for the KSE Package 1 and 2 and it will start to contribute to earnings from 2015.

Bina Puri was founded by Dr Tony Tan Cheng Kiat, who is related to Tee, and his partner. Tee was roped into Bina Puri in 1983.

Both Tan and Tee hold 37 per cent of Bina Puri while Bumimaju Mawar Sdn Bhd, controlled by Tan Sri Tong Yoke Kim and son Datuk Andrew Tong So Han, holds 19.27 per cent stake.

Bina Puri started with a small building contract for the police station and staff quarters in Kepong for the Public Works Department.

It evolved from a class "BX" licence contractor to class "A" industry leader in September 1985.

The company expanded its business activities in 1995 to include property development, highway concessionaire, quarry operations, manufacturing of construction materials and polyurethane system house.

Its first overseas venture was in 1999 and it has since completed many highway and housing projects in India, China, Nepal and Thailand.

By Business Times

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