MMC jumps 1.6% after declaring 4.5 sen final dividend

By TMR / Pic RAZAK GHAZALI

MMC Corp Bhd recently declared a final dividend of 4.5 sen per ordinary share for the financial year ended Dec 31, 2019 (FY19), amounting to a total dividend payout of RM137.03 million.

Shares of the group jumped 1.64% or one sen to close at 62 sen yesterday, valuing the utility and infrastructure conglomerate at RM1.89 billion.

“The entitlement and payment dates for the aforesaid final dividend are on June 3, 2020 and June 26, 2020, respectively,” it told Bursa Malaysia last Friday.

For FY19, the group’s earnings increased 15.9% year-on-year (YoY) to RM255.17 million from RM220.08 million the previous year, helped by higher contributions from port entities, higher share of results from Malakoff Corp Bhd, higher passenger volume at Senai Airport, reversal of provision no longer required at the double-track project, gain on disposal of assets held for sale and lower administrative cost.

Full-year revenue dipped 5.2% YoY to RM4.72 billion from RM4.98 billion in FY18 due to lower work progress from the Klang Valley Mass

Rapit Transit Sungai Buloh-Serdang-Putrajaya line and the Langat Sewerage project.