KUALA LUMPUR (Aug 24): Malayan Cement Bhd doubled its net profit to RM79.55 million or 6.07 sen per share in the fourth quarter ended June 30, 2023, from RM34.13 million or 2.61 sen per share a year ago as higher revenue more than offset the increase in electricity and maintenance costs.

In a filing with Bursa Malaysia, the group said revenue rose 25% to RM1.01 billion from RM804.76 million on improvement of both volume and selling price of domestic cement as well as higher selling price of ready-mixed concrete.

It declared an interim dividend of six sen per share payable on November 21, 2023. It did not declare a final year dividend for the financial year ended June 30, 2023.

For the full year ended June 30, 2023, net profit increased 90% to RM159.04 million or 12.14 sen per share from RM83.55 million or 6.82 sen per share the previous year as higher revenue more than offset increases in production costs, in particular coal and electricity, and higher financing costs.

Revenue increased to RM3.76 billion from RM2.71 bllion on higher volume and selling price as well as consolidation of the revenue of 10 companies and their respective susidiaries acquired from its imemediate holding company, YTL Cement Bhd. The acquisition was completed in September 2021.

The group said cement demand from property-related construction is expected to pick up, supported by rollout of residential, industrial and infrastructure projects.

MCement's shares closed 13 sen or 3.3% lower at RM3.85, translating into a market capitalisation of RM5.04 billion.