In the first nine months of 2022, MRCB sold RM342.2 million worth of properties and had an unbilled property sales of RM624 million.
PETALING JAYA: Construction and property development group Malaysian Resources Corporation Bhd (MRCB) has emerged from the Covid-19 crisis stronger.
In the nine months to Sept 30 of its current financial year (FY 2022), the group chalked up a profit before tax (PBT) of RM116.6 million on a revenue of RM2.4 billion.
This was a turnaround from a net loss before tax of RM62.6 million on the back of a lower revenue of RM590.3 million in the corresponding period of 2021.
In a statement to the media today, MRCB attributed the improved performance to Malaysia’s exit from two years of Covid-19 related disruptions.
It said the return to normalcy had led to increased revenue as well as profit recognition from construction progress and a pick-up in sales in completed projects.
It said the property development and investment division recorded an 89% increase in revenue to RM653.5 million and a 608% rise in operating profit to RM124.6 million for the nine months to Sept 30.
The group said this was due to better operating conditions compared with the same period last year when site closures impeded construction progress.
MRCB said the encouraging growth in property sales as the economy re-opened also contributed to the higher revenue and profit.
The main contributors to the increase in revenue and profit were the division’s two largest property development projects, Sentral Suites and TRIA9 Seputeh. Progress in the construction has reached 81% and 85% respectively.
In the first nine months of 2022, it sold RM342.2 million worth of properties and had an unbilled property sales of RM624 million.
Sentral REIT, in which MRCB has a 27.94% equity stake, and its associated company Sentral REIT Management Sdn Bhd together contributed a profit after tax of RM11.5 million.
MRCB said its engineering, construction and environment division recorded a 711% increase in revenue to RM1.7 billion, aided by the RM11.4 billion LRT3 project.
Among the projects that the group still have in the pipeline are the six-phase 810.57-acre integrated logistics park in Perak as well as projects in the Gold Coast, Australia with a gross development value (GDV) of A$296 million (RM885 million) which is to be launched early next year.
Work on another project, in New Zealand, will begin in 2024. The GDV for the project is NZ$452 million (RM1.25 billion).
