KUALA LUMPUR (Feb 29): Construction and property development firm Malaysian Resources Corp Bhd (MRCB) said on Thursday its net profit jumped to RM80.23 million for the fourth quarter ended Dec 31, 2023 (4QFY2023), from RM13.02 million a year earlier, as gains from disposal of two properties offset a decline in revenue.

The company booked RM167.2 million as other operating income for the latest quarter, it said in a bourse filing.

Revenue fell nearly 20% to RM668.78 million, from RM833.94 million previously, following the completion of major infrastructure and property development projects.

For the property development segment, “the company’s immediate priorities moving forward remain on enhancing its cash flow by monetising its unsold completed stock”, which stood at RM384.8 million, MRCB said.

Meanwhile, the company noted that its engineering, construction, and environment division is bidding for projects worth RM30 billion, while working on RM26.1 billion worth of existing orders, of RM15.7 billion are still unbilled.

“These new long-term construction projects will provide the division with a steady flow of revenue to sustain the business over the longer term,” MRCB added.  

Ongoing projects include the first phase of the Light Rail Transit 3 (LRT3) project, which MRCB said is on track to be completed by the end of 2024, and the RM380 million Muara Sg Pahang Phase 3 flood mitigation construction project.

For the full FY2023, net profit rose 56% to RM101.03 million from RM64.85 million a year earlier, while revenue was 22% lower at RM2.51 billion versus RM3.21 billion.

MRCB declared a first and final dividend of one sen per share for a total payout of RM44.7 million, payable on May 20.

Shares in MRCB slipped 0.85% or half a sen to 58.5 sen on Thursday, valuing the company at RM2.61 billion on Bursa Malaysia, ahead of the results announcement.