For FY2022, the group’s revenue saw a jump of 121% to RM3.2 billion from RM1.4 billion compared to a year ago.
This robust performance was attributed to more normalised operations after two years of Covid-19 related disruptions, which resulted in increased revenue and profit recognition from construction progress and recovery in property sales, it said in a statement today.
Its property development and investment arm recorded an 84% increase in revenue to RM914.6 million and a 15% increase in operating profit to RM176.7 million in 2022. The group attributed this to much better operating conditions compared to 2021, which was severely impacted by construction site closures that impeded construction progress and revenue recognition.
Two of the MRCB’s largest development, Sentral Suites and TRIA 9 Seputeh were contributors to its division where the said projects reached 89% and 88% in construction progress respectively.
There was also a strong recovery in sales of completed unsold inventory and units from ongoing developments under construction as the economy began to normalise which saw sales up to RM487.9 million worth of properties in 2022, and had unbilled property sales of RM536.5 million as of Dec 31, 2022.
Engineering and construction on the rise
Its engineering, construction, and environment division posted a 147% increase in revenue to RM2.2 billion largely contributed by the RM11.4 billion LRT3 project, which attained 81% physical progress, and 75% in financial progress as of end Dec 31, 2022.
Its revenue was also contributed by the SUKE package CA2 and PRIMA Brickfields construction projects.
The division also saw the successful completion of Mass Rapid Transit 2 Package V210, and Damansara-Shah Alam Elevated Highway Package CB2.
The division’s long-term external client orderbook as of Dec 31, 2022, stands at RM26.3 billion whilst its unbilled portion was RM17.4 billion.
Diversification strategy bearing fruit
MRCB said it made solid progress in its strategy to diversify its business into new markets, to expand overseas in 2022, and to have a healthy pipeline of long-term projects.
Some of its projects include Ipoh Raya integrated park in Perak, a development in Gold Coast, Australia with a gross domestic value of A$391 million (RM1.2 billion) to be launched in 2023, and New Zealand with a GDV of NZ$589 million (RM1.6 billion) to commence in 2024.
As of Dec 31, 2022, the group’s construction tender book stands at RM30 billion.
In a separate filing with Bursa, the group declared a first and final dividend of 1 sen per share.
MRCB shares closed half-a-sen or 1.56% higher at 32 sen from last Friday, with a market capitalisation of RM1.45 billion.