Performance exploded! Performance exploded! Performance exploded!
MRCB's second quarter financial report in 2024 showed a significant improvement in the company's performance, with the following key points:
(Performance highlights)
1. Significant increase in profitability: For the six months ending June 30, 2024, MRCB's pre-tax profit was 67.316 million Malaysian Ringgit, an increase of 88% compared to the same period in 2023, which was 35.849 million Malaysian Ringgit. This significant growth is mainly attributed to the contributions from the engineering, construction, and environment departments, especially the progress of the LRT3 project.
2. Surge in net income: In the second quarter of 2024, MRCB's net income was 51.282 million Malaysian Ringgit, compared to only 10.929 million Malaysian Ringgit in the same period of 2023, an increase of 369%. This has resulted in the company's basic earnings per share increasing from 0.24 sen to 1.15 sen.
3. Significant contribution from the engineering department: The engineering, construction, and environment departments recorded revenue of 64.26 million Malaysian Ringgit during the reporting period. Despite a decrease compared to the same period last year, the profit contribution increased by 146% to 0.1058 billion Malaysian Ringgit. This is mainly due to the smooth progress of the LRT3 project and the Muara Sg Pahang Phase 3 flood prevention project.
(Debt situation)
- Slight decrease in debt: MRCB's total debt decreased from 2.103 billion Malaysian Ringgit at the end of 2023 to 2.075 billion Malaysian Ringgit as of June 30, 2024. It is worth noting that the group's net debt ratio decreased from 0.34 times in June 2023 to 0.27 times in June 2024, indicating improvement in debt management by the company.
(Increase in engineering projects)
MRCB's engineering projects have made significant progress, especially the LRT3 project has achieved 96% actual construction progress and 93% financial progress. In addition, the Muara Sg Pahang flood prevention project phase three is also progressing as planned. The group's current uncompleted construction orders amount to 15.7 billion ringgit, with 34 billion ringgit of construction tenders, laying a solid foundation for future revenue growth.
(Future Outlook)
MRCB's future looks very bullish, especially with the strong momentum in the engineering, construction, and environmental departments. Furthermore, the group has great potential in real estate development and investment, especially in its projects in Australia and New Zealand. Overall, the company has started to turn around vigorously, and with the progress of projects, its future performance will further improve.
Overall, MRCB's future looks promising and is considered to be in full recovery.
(Performance highlights)
1. Significant increase in profitability: For the six months ending June 30, 2024, MRCB's pre-tax profit was 67.316 million Malaysian Ringgit, an increase of 88% compared to the same period in 2023, which was 35.849 million Malaysian Ringgit. This significant growth is mainly attributed to the contributions from the engineering, construction, and environment departments, especially the progress of the LRT3 project.
2. Surge in net income: In the second quarter of 2024, MRCB's net income was 51.282 million Malaysian Ringgit, compared to only 10.929 million Malaysian Ringgit in the same period of 2023, an increase of 369%. This has resulted in the company's basic earnings per share increasing from 0.24 sen to 1.15 sen.
3. Significant contribution from the engineering department: The engineering, construction, and environment departments recorded revenue of 64.26 million Malaysian Ringgit during the reporting period. Despite a decrease compared to the same period last year, the profit contribution increased by 146% to 0.1058 billion Malaysian Ringgit. This is mainly due to the smooth progress of the LRT3 project and the Muara Sg Pahang Phase 3 flood prevention project.
(Debt situation)
- Slight decrease in debt: MRCB's total debt decreased from 2.103 billion Malaysian Ringgit at the end of 2023 to 2.075 billion Malaysian Ringgit as of June 30, 2024. It is worth noting that the group's net debt ratio decreased from 0.34 times in June 2023 to 0.27 times in June 2024, indicating improvement in debt management by the company.
(Increase in engineering projects)
MRCB's engineering projects have made significant progress, especially the LRT3 project has achieved 96% actual construction progress and 93% financial progress. In addition, the Muara Sg Pahang flood prevention project phase three is also progressing as planned. The group's current uncompleted construction orders amount to 15.7 billion ringgit, with 34 billion ringgit of construction tenders, laying a solid foundation for future revenue growth.
(Future Outlook)
MRCB's future looks very bullish, especially with the strong momentum in the engineering, construction, and environmental departments. Furthermore, the group has great potential in real estate development and investment, especially in its projects in Australia and New Zealand. Overall, the company has started to turn around vigorously, and with the progress of projects, its future performance will further improve.
Overall, MRCB's future looks promising and is considered to be in full recovery.
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