MRCB rebounds to RM15.83 mil net profit in FY21

KUALA LUMPUR (Mar 1): 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% 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 on Monday (Feb 28).

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% 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% 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.

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