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Hock Seng Lee Berhad (HSL)’s origins date back to the early 1970s when two brothers of the Yu/Yii
family acquired a timber dredging vessel, M.T. Hock Seng Lee and established what was principally a
sand dredging and land fill operation.
The firm Hock Seng Lee Development Co. was registered in 1974 and corporatised to become Hock Seng
Lee Development Company Sendirian Berhad in 1979. Dato Paul Yu Chee Hoe, the younger brother of
the Yu/Yii family became the Managing Director, the position he still holds today in Hock Seng Lee
Berhad.
The Company bought more vessels to transport sand and other cargo and began acquiring heavy
machinery to support their land fill work.
Over the last thirty years, HSL has taken on land reclamation projects of increasing size and complexity
acquiring complementary expertise in soil improvement works, shore protection, drainage, rural water
supply and wastewater management systems. It is now capable of a wide range of complex marine
infrastructure, civil engineering and construction works. It has also diversified into property
development under wholly- owned subsidiary Hock Seng Lee Construction Sendirian Berhad.
On 10 June 1996, HSL was listed on the construction counter of the main market Bursa Malaysia – a first
for a company from Sarawak. Since its listing, HSL has shown consistently sound financial results and has
been regularly ranked among the top construction companies in Malaysia for shareholder value,
management excellence and profitability.
In September 2018, Hock Seng Lee Berhad (HSLB) successfully completed the ISO 9001:2015 Surveillance
Audit performed by an independent certification authority, Lloyd’s Register, Kuala Lumpur. This is the
first Surveillance Audit after HSLB’s certification was upgraded to ISO 9001: 2015 standard in November
2017. HSLB has demonstrated high level of professionalism and the ability to comply with the new
standards.
HSL owns one of the most extensive fleets of specialised marine equipment and tunnel boring machines
in Malaysia. With a full complement of licences and registrations including CIDB G7 and Class A for PKK
and Sarawak’s UPK, HSL is qualified for any major civil and infrastructure works across the country.
Today, HSL employs over 1,000 full time staff. Its head of office is located in Kuching, Sarawak, East
Malaysia where it also has a large workshop and shipyard. Other site and area of offices are located
throughout Sarawak.
FINANCIAL HIGHLIGHTS
Substantial order book of RM2.9 billion with RM2.2 billion outstanding as at 31/12/2018
Mega-projects progressing well
Strong revenue flows and strengthening margins
Consistent financial performance - profitable every reporting period since 1996 listing
Healthy balance sheet with low gearing
Successful project delivery across Sarawak for over 30 years
Beneficiary of the Sarawak Corridor of Renewable Energy (SCORE) and rural development
Niche market player specialising in marine engineering eg. land reclamation
Technical expertise eg. tunneling, rural water supply, flood mitigation, heavy lift etc.
Large portfolio of land and marine based heavy machinery and equipment
Award-winning property developer offering residential, commercial and industrial products
Largest construction firm in East Malaysia by market capitalisation
Only Sarawakian company to be awarded 4-star rating by Construction Industry Development
Board (CIDB Sarawak) in 2018.
Committed to best practice corporate governance, social responsibility and sustainability
Offering attractive returns and reliable shareholder value
CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
AS AT 30 JUNE 2019
In thousand of RM
REVIEW OF PERFORMANCE
The Group derives revenue from construction and property development activities.
Revenue for the quarter under review is RM175.41 million, an increase of 14% as compared to the
preceding year corresponding quarter’s figure of RM154.25 million. The construction segment
contributed RM151.38 million (86%) whilst the property development segment registered a contribution
of RM24.03 million (14%) to the Group’s revenue during the quarter.
The net profit before tax of the Group for the current quarter is RM21.81 million, an increase of 16% as
compared to RM18.85 million for the preceding year’s corresponding quarter.
The changes in revenue and net profit before tax were contributed by the following segments:
Construction segment: For the 3-month period ended 30 June 2019, the revenue and net profit before
tax are RM151.38 million and RM14.96 million compared to the previous year’s corresponding quarter
figures of RM138.69 million and RM13.33 million respectively. Higher construction activities have
translated into higher revenue during the current quarter with some improvement to profit margin.
Property development segment: For the 3-month period ended 30 June 2019, the revenue and net
profit before tax are RM24.03 million and RM6.85 million compared to the previous year’s
corresponding quarter figures of RM15.56 million and RM5.52 million respectively. Higher revenue was
recorded during the current quarter due to the timing of recognition of sales while lower profit margin
was due to discounts and some increase in construction cost.
With a record order book of RM3.3 billion with some RM2.5 billion unbilled, the Group will be busy on
its work execution. The Government of Sarawak had progressively rolled out several mega sized projects
such as the Coastal Road and Trunk Road Projects as well as Water Works Projects. Having participated
in a selected few, we are currently waiting for outcomes of the tender packages submitted. Apart from
the RM299 million Batang Paloh Bridge Project (Package 3 of Coastal Road Project) which was secured in
April 2019 and the RM104 million Sungei Bidut Project secured last week, we have added several smaller
size projects in buildings and bridge construction in Sibu with a combined value of about RM50 million.
Infrastructure development continues to offer new and further contracts opportunities for the Group.
Project procurement is undertaken in line with our prudent project management strategies, taking due
consideration of the capacity, capabilities and competitive advantages of the Group. HSL foresees the
property development segment, with a variety of products on offer, will continue to make an impact on
the business of HSL Group in 2019 and beyond.
There has been an increase in construction activities which has been translated into higher revenue as
compared to 2018 and such trend is expected to continue.