MRCB rebounds to RM15.83 mln net profit in FY2021

KUALA LUMPUR, Feb 28 -- Property and construction group Malaysian Resources Corporation Bhd (MRCB) rebounded to record a net profit of RM15.83 million in the financial year ended Dec 31, 2021 (FY2021) from a net loss of RM177.37 million in the same period a year earlier.

Revenue for FY2021 increased to RM1.45 billion from RM1.20 billion. 

The group said the improved performance was due to the construction progress of the LRT3 project and the full consolidation of its results after the project company became the group’s wholly-owned subsidiary, and the income arising from its Seri Iskandar Development Corporation subsidiary.

MRCB said its property development and investment division recorded a 22 per cent decline in revenue to RM498.6 million due to longer mandated construction site closures and restrictions in 2021.

“The closure and restrictions impacted construction progress and the contributions from its Sentral Suites, 9 Seputeh and Alstonia developments,” it said in a statement today.

MRCB continued to recognise revenue from its 1060 Carnegie development in Melbourne, Australia where to date, 57 units achieved financial settlement in 2021, and a total of 170 out of the 176 units available for purchase achieved financial settlement.

The division sold RM309.8 million worth of properties in 2021 and had unbilled property sales of RM923.0 million.  

MRCB’s engineering, construction and environment division recorded a 75 per cent increase in revenue to RM903.0 million due to the full consolidation of revenue from the LRT3 project in the fourth quarter of 2021, which achieved 67 per cent completion.

The group approved and declared a first and final single-tier dividend for FY2021 of 1.0 sen per ordinary share, totalling RM44.7 million to be made on May 20, 2022.

-- BERNAMA