ADVANCECON DELIVERS ROBUST Q3 FYE 2024 GROWTH WITH 101% INCREASE IN PAT
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Key Highlights
• Healthy order book: Maintained an order book value of RM277 million as of 30 September 2024, ensuring strong revenue visibility.
• Renewable energy milestone: Successfully achieved commercial operation of the 37.7MWp large-scale solar farm in Kuala Langat, Selangor on 8 November 2024, now contributing to both revenue and profit generation.
• Growing demand for CLQs: Anticipates a surge in demand for high-quality Centralised Labour Quarters driven by increasing pressure on companies to comply with the Employees' Minimum Standards of Housing, Accommodations, and Amenities Act 1990 (Act 446).
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KUALA LUMPUR, 27 November 2024 – Earthworks and civil engineering services specialist, Advancecon Holdings Berhad (前进控股有限公司) (“ADVCON” or “the Group”) today announced its third-quarter results for the financial year ending 31 December 2024 (“Q3 FYE2024”).
For Q3 FYE2024, ADVCON recorded a Profit Attributable to Owners of the Company of RM0.004 million, marking a significant turnaround from the RM0.61 million loss in the same quarter last year, representing an impressive 101% increase year-on-year. Concurrently, its Profit Before Tax also grew by RM0.09 million or approximately 26% to RM0.45 million. Despite this improvement, the Group reported revenue of RM95.81 million, a decline of RM26.84 million or 22% compared to last year.