Seni Jaya records net profit in 3QFY22, monetizes assets to fund growth plans

Main Market-listed leading provider of outdoor advertising services, Seni Jaya Corporation Berhad has today announced its third quarter (“3QFY22”) and nine-month financial results for the period ended 30 September 2022.

Revenue climbed five-fold year-on-year from RM1.7 million in 3QFY21 to RM8.4 million in 3QFY22. The increment was attributed to its now enlarged billboard asset base from business transformation conducted in the past year or so.

Meanwhile, it recorded profit after tax and non-controlling interest (“net profit”) of RM5.3 million this quarter, versus a net loss of RM2.4 million.

During the period under review, the Group recorded a gain of RM7.3 million from the disposal of two blocks of four-storey shops/offices in Desa Sri Hartamas, Kuala Lumpur.

Chief Executive Officer of Seni Jaya, Jeff Cheah See Heong said, “We are delighted to sustain our strong top-line performance in 3QFY22.

The recent improvement in our billboard portfolio in terms of volume, location, and digitalization has elevated Seni Jaya to a new level with 3 consecutive quarters of above RM8 million in sales. As we further optimise our assets moving forward, we are confident that the bottom line will enjoy a similar breakthrough.”

“In addition, the Group has made inroads by penetrating new market such as Kelantan. We are delighted to have secured new project with very encouraging responses from customers. At the same time, we have also made significant progress in enhancing our digital billboard count in the Klang Valley.

All in all, we are pleased with the achievement and improvement from our transformation plan thus far, especially given the challenging macro backdrop.”

“The proceeds from the monetisation of our property recently will give us greater flexibility and more possibility in the next phase of expansion. Moving on, we are planning to unlock the value of some fixed assets to fund acquisitions and billboard deployments that are deemed to be strategic.”

For 9MFY22, Seni Jaya reported revenue of RM25.6 million, rising by nearly six-fold on a YoY basis. In tandem with that, its net profit came in at RM6.5 million, against a net loss of RM5.8 million in 9MFY21.

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