KUALA LUMPUR (Oct 28): WZ Satu Bhd, controlled by its chairman Tengku Datuk Uzir Tengku Datuk Ubaidillah with 23.99% equity stake, announced a net profit of RM11.76 million or 9.43 sen per share on revenue of RM171.99 million for the 16-month financial period ended Aug 31, 2014 (FPE14).

WZ Satu, formerly WZ Steel Bhd, had in January announced the change of its financial year end from April 30, 2014 to Aug 31, 2014. As such the group said that it is not able to provide comparative figures.

On segmental basis, the construction division contributed 33% or RM56.34 million to the company’s revenue, while manufacturing accounted for 32% or RM54.36 million and trading 36% or RM61.29 million.

“The group recorded a revenue of RM172 million and profit after tax of RM11.8 million for the 16-month period ended Aug 31. The surge in both revenue and profit after tax were due to contribution of 16-month period, as compared with 12-month period and contributions from both the construction subsidiary and mining associate which were, WZS KenKeong Sdn Bhd (formerly known as KenKeong Sdn Bhd) and SE Satu Sdn Bhd, respectively,” it said in a statement.

On its prospect, WZ Satu said that it is “optimistic of its abilities” to organically grow the new business areas at a commendable rate.

“This has been demonstrated by the expanding order book of its civil engineering and construction subsidiary and its ability to expand its mining works and for the first time, secure bauxite reserves through its associate company. We are equally optimistic of the positive contributions from the newly acquired oil and gas subsidiary, Misi Setia Oil and Gas Sdn Bhd,” it added.

WZ Satu made its maiden foray into the oil and gas business after it acquired Misi Setia in July for RM27 million from Datuk Lim Kim Chong, Nor Zahid Mohd Hashim, Teoh Chee Yoong, Chong Kim Tham and Mohd Aris Mohd Arif.

As for its steel business, which was a legacy from the past, the group is “hopeful” that it would be able to enhance the return on its assets employed in this sector and create better shareholder value.

Shares in WZ Satu have steadily climbed from 27.6 sen since Tengku Uzir emerged as substantial shareholder in August last year.

Bloomberg data shows that the stock has increased RM1.79 or 227% year-to-date.

The stock closed six sen lower to RM2.57 today, bringing its market capitalisation to RM 488.30 million.