Employment prospects anticipate a better market in 2022

Kuala Lumpur: construction equipment Career Opportunity Group Bhd It will see better financial performance in 2022 from the improved real estate market and lower raw material prices, according to co-founder and CEO Datuk Tee Eng Ho.

Next year should see more real estate launches. I think the real estate market in 2022 will be better with the economy recovering.

The engineer added that the prices of raw materials have fallen slightly from their peak in 2021, “and are supposed to decline further in the next three to six months as the logistical problems are resolved.”

“Raw material prices should go down in 2022, easily by 5% to 10%,” he said.

In a statement, Kerjaya Prospek CEO and CEO Tee Eng Tiong said the group had secured RM908 million in new contracts that brought the pending order book to RM3.6bil until September 30, 2021.

“With the economy reopening and travel restrictions easing, we expect a further improvement in the progress of construction work in the coming quarters.

“We have adjusted the target launch dates of two of our real estate developments to the first half of 2022 to time the market along with the increasing demand for real estate in Malaysia,” said Eng. Tiong.

In the third quarter ended September 30, 2021, the group reported a 20.4% YoY decline in net profit to RM24.2 million, although revenue was marginally higher at RM222.6 million.

For the nine months ended September 30, 2021, net profit grew 6% year-on-year to RM66.6 million while revenue rose 21.2% to RM681.2 million.

Earnings per share for the nine-month period were 5.38 Sun, compared to 5.1 Sun recorded a year ago.

In a filing with Bursa Malaysia, Kerjaya Prospek said the higher revenue for the nine-month period was mainly due to the progress of construction work at the site.

Construction progress only halted in June 2021 as a result of the implementation of the full motion control order.

The construction sector is expected to remain the main contributor to the group going forward.

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