In particular, the company stands to benefit from the planned Johor-Singapore Special Economic Zone and the country’s expanding housing market, Malayan Cement said in an earnings statement late yesterday.

The special economic zone bordering Singapore is projected to generate as many as 100,000 new jobs and boost the Malaysian economy by US$26 billion per year by 2030, according to Johor state officials.

Demand for residential properties, especially in areas close to the business hub, is expected to rise.

The agreement for the economic zone was formalised by the Singapore and Malaysian governments in January.

Malayan Cement said it is “cautiously optimistic” amid global economic uncertainties and volatility.

The company “will continue its pursuit of efficiencies in operations, logistics and distribution,” it said in the statement.

Malayan Cement’s Q4 net income rose 50% on-year to RM165.4 million (US$39.1 million), while revenue increased 6.5% on-year.