KUALA LUMPUR – Malaysian Resources Corporation Bhd (MRCB) recorded revenue of RM2.5141 billion and profit before tax of RM134.2 million in the year ended December 31, 2023.
This compared to revenue of RM3.205 billion and profit before tax of RM154.3 million in 2022, despite strong residential property sales in 2023, which grew 74% to RM831.3 million over the corresponding period in 2022.
However, profit after tax rose 89% to RM101.1 million, in 2023, compared to 2022.
Profit before tax however rose 111% in the fourth quarter of 2023 compared to the corresponding quarter in 2022, and 327% compared to the preceding quarter in 2023 following the disposal of Menara CelcomDigi and the disposal of Plaza Alam Sentral.
The Property Development & Investment Division recorded revenue of RM711.9 million and an operating profit of RM148.8 million in 2023, down 22% and 16%, respectively, compared to 2022.
The declines were mainly due to the completion of the Sentral Suites and the TRIA 9 Seputeh mixed residential developments, in March and May 2023, respectively.
The division recorded 118% higher operating profit of RM113.2 million in Q4 2023, compared to the corresponding period in 2022, due to the disposals of Menara CelcomDigi and Plaza Alam Sentral.
Property sales from its residential developments rose strongly in 2023, increasing 74% to RM831.3 million, compared to 2022.
After launching RM1.5 billion of new property projects in Malaysia and Australia in 2023, the division is targeting RM4.0 billion of additional launches in Malaysia and New Zealand.
The Engineering, Construction & Environment Division recorded revenue of RM1,736.6 million in 2023, compared to RM2,233.6 million in 2022, a decrease of 22%.
The lower revenue was due to the completion of the Dash Package CB2, Kwasa Utama C8, and MRT 2 Package V210 infrastructure projects in 2022.
Operating profit jumped 25% to RM87.3 million in 2023, mainly contributed by the LRT3 project, which achieved physical construction progress of 92% as of December 31, 2023.
The division’s tenderbook currently stands at RM30 billion, excluding project tenders and proposals already won but where project values have yet to be established, such as the redevelopments of Stadium Shah Alam and KL Sentral Station.
The division continues to actively tender for other large infrastructure projects, prioritising climate change adaptation infrastructure projects, like flood mitigation. – February 29, 2024