Strong Property Sales Performance in Q1 for (MRCB)

PropertyGuru
·2-min read

KUALA LUMPUR – Malaysian Resources Corporation Berhad (MRCB or the Group) recorded Revenue of RM476.2 million and Profit Before Tax of RM18.9 million in the first three months of 2024, compared to Revenue of RM742.2 million and Profit Before Tax of RM20.5million in the corresponding period in 2023.

The 36% reduction in revenue was mainly due to a much lower revenue contribution from the Property Development & Investment Division following the completion of two major property development projects in 2023. Despite a lower revenue contribution from the LRT 3 project, there was a much stronger operating profit contribution from the Engineering, Construction & Environment Division, which contributed a 146% increase in operating profits.

The Property Development & Investment Division recorded a 63% decrease in revenue to RM98.1 million and a 66% decrease in operating profit to RM11.2 million in Q1 2024. The Division’s main revenue contributors in Q1 2024 were the sales of completed unsold units in Sentral Suites, VIVO 9 Seputeh, TRIA 9 Seputeh and development project Alstonia. The group sold RM268.1 million of properties in the first quarter of 2024, an increase of 215% on the corresponding period in 2023.

The Group’s VISTA residential development in Gold Coast, Australia recorded strong sales, with 38% of all units sold as of the end of Q1 2024. The Engineering, Construction & Environment Division recorded a 21% decrease in Revenue to RM360.3 million and a 146% increase in Operating Profit to RM17.7 million. The bulk of the Division’s Revenue was contributed by the LRT3 project and the Muara Sg Pahang flood mitigation project.

As of 31 March 2024, the LRT3 project achieved physical construction progress of 94% and financial progress of 90%. The Group has a large pipeline of new projects, with RM3.6 billion of property launches earmarked in 2024, an unbilled construction order book of RM15.3 billion and a RM33 billion external client construction tender book marking the emergence of a new project growth cycle for the Group.

Future growth drivers also include the redevelopments of Stadium Shah Alam and Kuala Lumpur Sentral Station, and the construction of five additional stations and other related works for the LRT3 project, all of which are currently undergoing negotiations with the relevant clients. Other than transportation infrastructure projects, the Group is also targeting climate change adaptation projects, like flood mitigation, renewable and clean energy infrastructure, and water projects

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