KUALA LUMPUR (Jan 2): MBM Resources Bhd (MBMR) has appointed Rizal Mohd Zin as its new group chief executive officer, effective Jan 2, 2024.  

In the bourse filing on Tuesday, MBM Resources said Rizal was previously the group chief strategy officer of resinsurance group MNRB Holdings Bhd. Prior to that, he served as a director of investments at Ekuiti Nasional Bhd, where he was involved in numerous investments and divestments, while creating value for its portfolio companies. 

According to MBMR, Rizal has over 20 years of experience in the fields of corporate strategy planning and execution, transformation, performance management, mergers and acquisitions (M&A) and investment management. He holds a bachelor of arts in engineering and a masters in engineering from the University of Cambridge, UK. 

The automotive group's earnings as at the third quarter ended 2023 (3QFY2023) rose to RM104.76 million or 26.8 sen per share with a revenue at RM621.27 million. Its net profit jumped 72% boosted by a gain of RM28.4 million arising from disposal of a piece of vacant land in Bandar Sri Sendayan, Negeri Sembilan. 

For the nine-month period, MBM Resources' net profit rose 5.6% to RM236.64 million from RM224.14 million in the previous corresponding period, while revenue grew 3.6% to RM1.72 billion from RM1.66 billion. 

The shares in MBM Resources opened at RM4.23 on Tuesday, bringing the group a market capitalisation of RM1.66 billion.