MRCB eyes growth with RM5.5bil property launches

KUALA LUMPUR: Malaysian Resources Corp Bhd’s (MRCB) future growth will be driven by the launching of RM1.5bil in properties in Australia and Malaysia in 2023, followed by RM4.0bil in New Zealand and Malaysia in 2024.

Additionally, a RM30bil construction tenderbook and potential redevelopments of Stadium Shah Alam and KL Sentral Station contribute to future prospects, MRCB said in a statement.

MRCB’s net profit tumbled to RM1.46mil, or earnings per share of 0.03 sen in the third quarter ended Sept 30 (3Q) compared with RM23.7mil, or 0.53 sen achieved in the same quarter last year.

Its revenue fell 41.4% to RM503.7mil against RM860mil posted last year.

In the first nine months, MRCB’s net profit more than halved to RM20.8mil from RM51.8mil while revenue fell 22.2% to RM1.84bil against RM2.37bil last year.

MRCB said the decline in revenue was due to lower contributions from both the property development and investment division and engineering, construction and environment division, after the completion of three major

infrastructure construction projects in 2022, and the completion of two major property development projects in the first half of 2023.

The property development & investment division recorded a revenue of RM459.5mil and an operating profit of RM35.7mil in the nine months ended Sept 30, a decline of 30% and 71% respectively.

MRCB said this was due to the 100% completion of the Sentral Suites project in KL Sentral in March 2023 and the TRIA 9 Seputeh mixed residential project in Jalan Klang Lama in May 2023.

The engineering, construction & environment division recorded a 20% decrease in revenue to RM1.33bil and a 43% increase in profits to RM87.6mil in the nine months ended Sept 30.

The division’s long-term external client order book was RM26.1bil, with an unbilled portion of RM16.1bil as of Sept 30.