MN Holdings Berhad reported a 57.3% jump in revenue for the second quarter ended 31 December 2022 (2QFY23) to RM41.0 million from RM26.1 million in 2QFY22, driven by higher contribution from its substation engineering segment.
Quarterly net profit increased marginally to RM2.6 million from RM2.5 million a year ago. For the cumulative six months ended 31 December 2022 (1HFY23), MN Holdings’revenue rose 36.8% to RM68.1 million from RM49.8 million a year earlier.
Its net profit however contracted 21.0% to RM3.8 million from RM4.8 million a year ago due to higher administrative expenses from continued business expansion and a decrease in other income. MN Holdings’ revenue was principally derived from the underground utilities engineering segment and substation engineering segment, in which each contributed 56.1% and 43.9% of the total revenue for 1HFY23 respectively.
Reviewing the Group’s performance, Mr Loy Siong Hay Managing Director of MN Holdings attributes the increase in the substation engineering segment to the commencement of several major projects secured by the Group recently.
As to date, MN Holdings has an order book of RM325.9 million, an increase of approximately 89.3% from RM172.2 million since its listing in April 2022. “These secured contracts are expected to contribute positively to the Group’s earnings over the next two to three financial years, barring any unforeseen circumstances. Overall, the Board is optimistic that the Group will achieve satisfactory financial result for the financial ending 30 June 2023,” Mr Loy further added.
