Performance is outstanding. Performance is outstanding. Performance is outstanding.
MRCB's (Malaysia Resources Corporation Berhad) financial report for the second quarter of 2024 shows a significant improvement in company performance, with the following key points:
(Highlights of Performance)
1. Significant increase in profitability: For the six months ending June 30th, 2024, MRCB's pre-tax profit was 67.316 million ringgit, an 88% increase compared to the same period in 2023, which was 35.849 million ringgit. This significant growth is mainly attributed to the contribution of the engineering, construction, and environmental sectors, 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 ringgit, compared to only 10.929 million ringgit in the same period in 2023, representing a 369% increase. This has led to 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 environmental sectors recorded a revenue of 64.26 million 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 ringgit. This is mainly due to the progress of the LRT3 project and the successful development of the Muara Sg Pahang Phase 3 flood control project.
(Debt Situation)
- Slight decrease in debt: MRCB's total debt decreased from 2.103 billion ringgit at the end of 2023 to 2.075 billion ringgit as of June 30th, 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 an improvement in the company's debt management.
(Increase in Engineering Projects)
- MRCB's construction projects have made significant progress, especially the LRT3 project, which has completed 96% of the actual construction progress and 93% of the financial progress. In addition, the Muara Sg Pahang Phase 3 flood prevention project is also progressing as planned. The group's current outstanding construction orders amount to MYR 15.7 billion, and there are MYR 34 billion worth of construction tenders, laying a solid foundation for future revenue growth.
(Future Outlook)
- MRCB's future looks very bullish, especially with strong push from the Engineering, Construction and Environment departments. In addition, 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 and with the progress of projects, future performance will further improve.
Overall, MRCB's future is promising and it can be considered fully recovered.
(Highlights of Performance)
1. Significant increase in profitability: For the six months ending June 30th, 2024, MRCB's pre-tax profit was 67.316 million ringgit, an 88% increase compared to the same period in 2023, which was 35.849 million ringgit. This significant growth is mainly attributed to the contribution of the engineering, construction, and environmental sectors, 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 ringgit, compared to only 10.929 million ringgit in the same period in 2023, representing a 369% increase. This has led to 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 environmental sectors recorded a revenue of 64.26 million 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 ringgit. This is mainly due to the progress of the LRT3 project and the successful development of the Muara Sg Pahang Phase 3 flood control project.
(Debt Situation)
- Slight decrease in debt: MRCB's total debt decreased from 2.103 billion ringgit at the end of 2023 to 2.075 billion ringgit as of June 30th, 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 an improvement in the company's debt management.
(Increase in Engineering Projects)
- MRCB's construction projects have made significant progress, especially the LRT3 project, which has completed 96% of the actual construction progress and 93% of the financial progress. In addition, the Muara Sg Pahang Phase 3 flood prevention project is also progressing as planned. The group's current outstanding construction orders amount to MYR 15.7 billion, and there are MYR 34 billion worth of construction tenders, laying a solid foundation for future revenue growth.
(Future Outlook)
- MRCB's future looks very bullish, especially with strong push from the Engineering, Construction and Environment departments. In addition, 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 and with the progress of projects, future performance will further improve.
Overall, MRCB's future is promising and it can be considered fully recovered.
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