MGB reported its Q3FY22 financials, recording a profit before tax of RM 17.90 million and a profit after tax of RM 12.73 million, backed by a revenue of RM 256.14 million.
Compared to the corresponding quarter of the preceding year, revenue increased by 65.4% from RM 101.26 million. This growth it said can be attributed to the increase in the construction segment and further supported by the rise in revenue from the property development segment.
The construction and trading business segment remained as the Group’s main revenue contributor. The segment’s revenue increased by 36.6% to RM 614.78 million as compared to cumulative 9-month period ended 30 September 2022 RM 449.85 million as a result of steady contribution from several sizeable projects such as KITA Mekar, Prestige Residences, KITA Mesra and Rumah Selangorku Idaman BSP projects.
For the cumulative 9-month period ended 30 September 2023, MGB’s revenue increased by 42.7% to RM 666.50 million. Additionally, PBT and PAT clocked in at RM 50.79 million and RM 37.38 million, respectively.
Commenting on MGB’s performance, MGB Executive Vice Chairman Tan Sri Ir. Dr. Lim Hock San said, “In line with the increase in construction activities throughout 2023, we are pleased to report commendable Q3 results. While credit is given to the team’s hard work, MGB’s success is attributed to the strategic implementation of its own VadTech (Value Driven Technology), which is in line with the Government’s 12th Malaysia Plan to construct 500,000 affordable homes by 2025.
MGB’s outstanding order book as of 31 October 2023 is at RM1.79 billion.
