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Kota Kinabalu: KTI made its debut on the ACE Market of Bursa Malaysia Securities Berhad on Wednesday morning June 19.

The Company had successfully raised RM48.0 million in its initial public offering exercise, to partly fund its acquisition of land for development amounting to RM18.0 million.

Of the proceeds, RM20.7 million will be allocated as working capital for project development and RM0.3 million to upgrade software and systems.

A sum of RM2.2 million will be used to upgrade and expand its existing casting yard or IBS facility, followed by RM3.0 million for repayment of bank borrowings and the remaining RM3.8 million for its estimated listing expenses.

To date, KTI has delivered projects with a total GDV of RM1.2 billion, of which RM1.0 billion from the provision of design and build construction projects while the remaining RM207.6 million from its own property development projects.

Currently, it has a total of RM2.2 billion GDV on-going and upcoming projects across Kota Kinabalu, Tuaran, Sandakan and Papar in Sabah, where 30 per cent are projects awarded by LPPB and the remaining are joint venture or its own projects to be developed until 2028.

The Company’s notable projects include among others; Taman Wawasan in Beaufort, Taman La Gloxinia in Papar, Taman Seri Lemawang in Tuaran as well as Taman Nelly, Taman Lavender, and The Logg in Kota Kinabalu.

For the financial year ended 31 December 2023 (“FY2023”), KTI’s net profit rose 31.9 per cent to RM13.8 million, from RM10.5 million a year ago (“FY2022”) on higher gross profit (“GP”).

FY2023 revenue increased 6.5 per cent to RM120.2 million from RM112.9 million in FY2022. During the period under review, the Company’s GP expanded to RM35.6 million, translating to a GP margin of 29.6 per cent, versus 27.3 per cent in FY2022 due to a mix of contributions from projects with higher GP margins.

Net margin for FY2023 also improved to 11.5 per cent from 9.3 per cent a year ago. M & A Securities Sdn Bhd is the Adviser, Sponsor, Underwriter and Placement Agent for the successful IPO exercise.