KUALA LUMPUR, 27 February 2025 – Earthworks and civil engineering services specialist, Advancecon Holdings Berhad (前进控股有限公司) (“ADVCON” or “the Group”) today announced its fourth-quarter results for the financial year ended 31 December 2024 (“Q4 FYE 31 December 2024”) and its consolidated results for the FYE 31 December 2024.

For Q4 FYE 31 December 2024, the Group reported revenue of RM100.5 million, reflecting an increase of RM3.8 million or approximately 4% compared to Q4 FYE 31 December 2023. This growth was primarily driven by the Quarry segment, which remained the largest revenue contributor for the quarter in review, generating RM53.9 million or approximately 54% of the Group’s total revenue. Meanwhile, the Construction and Support Services segment contributed RM44.6 million, accounting for 44% of total revenue.

For the full financial year, the Group recorded revenue of RM383.2 million, compared to RM449.8 million in the previous year, representing a decline of RM66.6 million or approximately 15%.

Despite the revenue increase in Q4 FYE 31 December 2024, the Group reported Losses Attributable to Owners of the Company amounting to RM2.8 million, a significant improvement from the RM34.4 million loss recorded in Q4 FYE 31 December 2023. This marks a 92% reduction in losses by RM31.6 million. The loss in the quarter was mainly due to a one-off Employee Share Option Scheme expense of RM3.4 million. Excluding this non-recurring expense, the Group would have recorded a Profit Attributable to Owners of the Company of RM0.6 million.

For the full year, the Group’s Losses Attributable to Owners of the Company stood at RM21.9 million, an improvement of RM12.4 million or 36% compared to the RM34.3 million loss recorded in the previous financial year.

Group Chief Executive Officer Dato’ Phum Ang Kia (“拿督潘红仔”) said “The Group made a strategic decision to implement the kitchen sinking process in the FYE 2024 to streamline operations and optimise cost structure to start the FYE 2025 on a stronger and cleaner slate. This positions us well for the year ahead, allowing us to focus on sustainable growth and operational efficiency.”

He added, “We are encouraged by the continued improvements in our Quarry segment, following its successful turnaround in Q3 2024. The positive momentum we have seen gives us confidence that this trajectory will continue in the upcoming quarters. At the same time, we remain optimistic about the Construction and Support Services segment, which continues to be a key contributor to the Group’s financial performance.”

“As of 31 December 2024, our order book stands at RM673 million, with a tender book of RM2.7 billion, ensuring a healthy pipeline of projects. Moving forward, we will remain focused on strengthening our business fundamentals, securing new opportunities, and delivering long-term value for our stakeholders.”