Malaysian Resources Corporation Berhad (MRCB) has laid out an ambitious growth strategy involving property launches in Australia, Malaysia, and New Zealand, with a combined worth of RM5.5 billion slated for 2023-2024. This strategic move is part of an effort to manage a robust RM30 billion construction tenderbook. The company is looking at potential redevelopments, including Stadium Shah Alam and KL Sentral Station, as significant contributors to future growth.
MRCB reported a sharp decline in net profit for the third quarter, with figures falling to RM1.46 million from RM23.7 million in the same quarter of the previous year. This decline was reflected in earnings per share, which dropped from 0.53 sen to a mere 0.03 sen. The company's revenue over nine months also saw a decrease of more than a fifth to RM1.84 billion. This was attributed to the completion of key infrastructure projects in the prior year and the culmination of two major property developments: Sentral Suites in March and TRIA 9 Seputeh in May of this year. These completions have also resulted in a substantial reduction in the property division’s operating profit.
The outlined growth strategy suggests that MRCB is focusing on diversification and expansion to offset recent profit declines. With the planned property launches and potential redevelopment projects, the company is positioning itself to strengthen its portfolio and enhance future earnings.
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