MMC’s 4Q20 earnings rose by 163% to RM179.13 mil

by NUR HANANI AZMAN/ FILE PIX

MMC’s net profit jumped 163% to RM179.13 million in the fourth quarter ended Dec 31, 2020 (4Q20) from RM68.09 million a year ago.

For the quarter, the group recorded RM1.29 billion in revenue, an increase of 18.4% from RM1.09 billion in Q419 mainly due to higher volume handled at Pelabuhan Tanjung Pelepas (PTP) and Northport (Malaysia) Bhd, higher work progress from Klang Valley Mass Rapid Transit Sungai Buloh-Serdang-Putrajaya (KVMRT-SSP) Line and sale of land at Senai Airport City (SAC).

In a bourse filing in Friday, MMC said these were offset by lower passenger and cargo volumes at Senai Airport, which was affected by conditional movement control order imposed.

For the financial year ended Dec 31, 2020, MMC recorded net profit of RM375.29 million, up 47% from RM255.17 million in the previous year.

The group recorded RM4.49 billion in revenue, a 4.7% decrease from RM4.71 billion reported in the corresponding financial year ended Dec 31, 2019 due to lower work progress from KVMRT-SSP Line, lower passenger and cargo volumes at Senai Airport, and lower volume handled at Penang Port Sdn Bhd.

These were partially offset by higher volume handled at PTP and sale of land at SAC.