KUALA LUMPUR (Feb 19): Construction firm MGB Bhd said on Monday that its net profit more than tripled in the fourth quarter of 2023 (4QFY2023) from a year earlier, thanks to higher progressive billings and cost control.

Net profit for the three months ended Dec 31, 2023 was RM12.48 million, or 2.11 sen per share, compared to RM3.71 million over the same period last year (4QFY2022), MGB said in an exchange filing. Revenue for the quarter doubled year-on-year to RM305.33 million, from RM145.58 million.

Moving forward, MGB said it will stay vigilant with costs and focus on being faster to market. The company also expects its construction order book of about RM1.14 billion and unbilled sales of RM650 million from ongoing property projects to contribute to next year’s earnings.

MGB declared a first interim single-tier dividend of 0.815 sen per share, payable on March 29, higher than 0.25 sen per share.

For the full year (FY2023), net profit totalled RM48.8 million, more than three times higher than the RM15.1 million recorded in FY2022, as revenue jumped 58.6% to RM971.83 million from RM612.8 million in the same period.

MGB's largest shareholder is its group executive chairman Tan Sri Lim Hock San, who holds a 58.65% indirect stake in the company through LBS Bina Group Bhd, in addition to a 0.201% direct stake.

Lim is also the group executive chairman of LBS Bina, where he holds an indirect interest of 37.21% and a direct interest of 2.36%.

Shares in MGB closed one sen or 1.13% lower at 87.5 sen on Monday, valuing the company at RM517.69 million.