MRCB sees sharp decline in 3Q earnings, eyes RM4b property launch

MALAYSIAN Resources Corp Bhd (MRCB) saw a significant drop in net profit for the third quarter ended September 30, 2023 (3Q23), reaching RM1.46 million compared to RM23.7 million in the same quarter last year.

Its revenue also fell by 41.4% to RM503.7 million.

For the first nine months of the year, MRCB’s net profit more than halves to RM20.8 million, and revenue declines by 22.2% to RM1.84 billion.

The decline is attributed to lower contributions from property development, investment, and infrastructure projects completed in 2022.

MRCB outlines its future plans, revealing that it has earmarked RM4 billion worth of properties for launch in 2024 within its property development and investment division.

The company’s immediate focus is on boosting cash flow by monetising unsold completed stock, amounting to RM550 million as of September 30, 2023.

In the engineering, construction, and environment division, MRCB’s open tenderbook stands at RM30 billion, encompassing projects like the Shah Alam Stadium rebuilding and KL Sentral station redevelopment.

The firm maintains a robust external client order book of RM26.1 billion, with an unbilled portion of RM16.1 billion, ensuring a steady flow of construction contracts, including the LRT3 rail project’s completion by the end of 2024. – TMR