MGB Group achieved revenue of RM232.60 million in the current financial period which represents RM98.85 million or 73.90% higher as compared to the preceding year’s corresponding period. Profit for the period came in at RM12.4 million compared to RM168,000 in 2022.
The group said the movement of the revenue was mainly attributable to the increase recorded in the construction segment of approximately RM89.36 million and the increase in the property development segment of approximately RM9.49 million. The construction and trading segment remained as the key driver in contributing to the revenue of the Group followed by the strengthening of revenue in the property development segment. The significant leap in the result was mainly attributable to higher progressive revenue and profit contribution from its new launching and ongoing projects and cost optimisation.
Cumulative Period
For the cumulative financial period ended 30 June 2022, the Group recorded revenue of approximately RM410.35 million, representing an increase of approximately RM98.01 million compared to the preceding year. Construction segment revenue increased by RM83.99 million and Property Development segment revenue increased by RM14.02 million. The Group’s Profit Before Tax recorded increased by RM19.24 million.
Total assets and total liabilities stood at RM969.41 million and RM439.55 million respectively as at 30 June 2023. Assets of approximately RM562.80 million or 58.06% and liabilities of RM390.06 million or 88.74% were from the construction and trading segment.
Comparing the revenue in the current quarter against the immediate preceding quarter, the construction segment has recorded an increase of approximately RM50.61 million, and the property development segment an increase of approximately RM4.23 million. Higher revenue recorded in the current quarter was contributed by projects such as Idaman BSP, Prestige, and Kita Mekar. Slightly increase in profit in the current quarter were mainly due to cost saving on completed projects and salary adjustment in the current quarter.
On prospects for the Year, MGB believes despite the interest rate hikes challenge, Value Driven Technology can support the demand for affordable homes.
