MRCB bounces back with coffers jingling



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Malaysian Racecourse Corp rebounds with net profit Image: MRCB

Property and construction group Malaysian Resources Corporation Bhd (MRCB) rebounded to record a net profit of RM15.83 million in the financial year ended December 31st, 2021 (FY2021), from a net loss of RM177.37 million in the same period a year earlier.

‘The Edge Markets’ stated that revenue for FY2021 increased to RM1.45 billion, from RM1.20 billion.

The Malaysian Resources Corporation Berhad is a construction and property development company based in Kuala Lumpur. It is the master developer of the Kuala Lumpur Sentral transport hub and business district.

‘The Edge Markets’ further stated that the group said the improved performance was due to the construction progress of the LRT3 project (the 37.6km-long Light Rail Transit 3 [LRT3 is a light rail line under development in Malaysia) and the full consolidation of its results, after the project company became the group’s wholly-owned subsidiary, and the income arising from its Seri Iskandar Development Corporation subsidiary.

The MRCB said its property development and investment division recorded a 22 percent decline in revenue to RM498.6 million due to longer mandated construction site closures and restrictions in 2021.

The MRCB sent out a sent out a statement on February 28th which read, “The closure and restrictions impacted construction progress and the contributions from its Sentral Suites, 9 Seputeh and Alstonia developments,”

MRCB continued to recognize revenue from its 1060 Carnegie development in Melbourne, Australia, where to date, 57 units achieved financial settlement in 2021, and a total of 170 out of the 176 units available for purchase achieved financial settlement.

The division sold RM309.8 million worth of properties in 2021 and had unbilled property sales of RM923.0 million.

MRCB’s engineering, construction and environment division recorded a 75 percent increase in revenue to RM903.0 million due to the full consolidation of revenue from the LRT3 project in the fourth quarter of 2021, which achieved 67 percent completion.

The group approved and declared a first and final single-tier dividend for FY2021 of 1.0 sen per ordinary share, totaling RM44.7 million to be made on May 20th, 2022.

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