West River specialises in mechanical-and-electrical engineering, air-conditioning and ventilation systems, and building solutions catering to various sectors, including commercial, industrial, and infrastructure industries.

Funds raised from the IPO have been earmarked for expansion and infrastructure, including to part-finance the acquisition of land costing RM5.81 million, and the construction of a new factory to improve production and inventory management.

Financial Highlights

In FY23, WESTRVR’s revenue jumped 50.3% YoY from RM83.3mn to RM125.2mn, driven by higher contributions across the board. In tandem with the significant revenue growth, adjusted core earnings almost doubled to RM12.9mn from RM6.5mn in FY22, supported by normalised input costs and efficient cost optimisation measures. In FY24, however, revenue dipped slightly by 2% YoY to RM122.7mn, as several projects reached completion. This led to a lower adjusted core net profit of RM11.7mn.