KUALA LUMPUR (Aug 30): MN Holdings Bhd (KL:MNHLDG) said its net profit jumped 131.9% to RM4.96 million for the fourth quarter ended June 30, 2024 (4QFY2024), from RM2.14 million a year ago, thanks to higher construction activities in its underground utilities engineering segment.

Correspondingly, the underground utilities and substation engineering specialist saw its quarterly revenue surge 49.3% to RM73.4 million from RM49.2 million a year before.

Quarterly earnings per share rose to 1.1 sen, from 0.52 sen in 4QFY2023.

For the full year of 2024 (FY2024), the company’s net profit increased 86.6% year-on-year (y-o-y) to RM17.7 million from RM9.5 million, while total revenue rose 54.8% to RM254.6 million from RM164.4 million, mainly driven by its substation engineering segment, which saw revenue increase 79.9% y-o-y to RM138.2 million.

Full-year earnings per share rose to 3.24 sen from 2.07 sen previously.

The company also said its order book stands at RM611.2 million as of Aug 30, 2024, which will support earnings for the next two to three financial years.

In a separate statement, managing director Datuk Clement Toh said the company’s projects in data centres align well with the Malaysian market, which has seen the numbers of investments increasing.

It is also advancing its operational projects within the gas sector, as the natural gas distribution system in Peninsular Malaysia is undergoing significant expansion, which he said could support its underground utilities segment.

On top of that, MN Holdings is also anticipating significant growth opportunities in water and sewerage capital expenditure from major utility providers.

As of time of writing, shares in MN Holdings were trading up 2.5 sen or 2.98% to 86.5 sen, giving it a market value of RM414.3 million. Year-to-date, the stock is up 63.2%.