IJM resumes its construction and infrastructure projects in the fourth quarter of 2020

Petaling Jaya, 10 November 2020 – With a sizeable order book in hand, the IJM Corporation Berhad’s construction division is focusing on the execution and timely completion of its current projects. Its construction order book of RM5.5 billion, comprising a good mix of building, infrastructure and road projects from both the private and public sectors, will provide earnings visibility over the next two to three years.

Recent job wins include the retail mall and Penang Waterfront Convention Centre (RM865 million) in The Light City, Penang, as well as TRX Residences (RM530 million) at Tun Razak Exchange (TRX). The Group is also currently executing the Bukit Bintang City Centre retail mall; UOB Tower 2 at Jalan Raja Laut; as well as Affin Bank and HSBC office towers at TRX for well-established clients.

As for the ongoing infrastructure projects, the portfolio includes West Coast Expressway (WCE) and the MRT 2 Jinjang to Jalan Ipoh line. Kuantan Port’s cargo throughput, although initially affected by the Movement Control Order (MCO), has rebounded and caught up to its pre-COVID-19 levels.

The opportunities for Kuantan Port are also sizeable and the expansion of Phase 1 of its New Deep-Water Terminal has been timely to capture the growing cargo throughput from the Malaysia China Kuantan Industrial Park (MCKIP).

Earlier in the annual general meeting in September 2020, the company stated that they expected improved financial performance in the remaining quarters of the financial year 2021, as business activities across its five divisions are currently fully operational with new COVID-19 health and safety standard operating procedures (SOPs) in place.

Liew Hau Seng, CEO and Managing Director of IJM Corporation Berhad, said, “We are optimistic that our performance in the upcoming quarters of FY2021 will be better. The last few months have demonstrated the adaptability and resilience of our business and people. The company’s fundamentals remain solid, anchored by our resilient portfolio of businesses and a strong balance sheet to weather short-term uncertainties.”

– Construction+ Online

Source: IJM Corporation Berhad