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MGB lands RM389mil Gulf contract

The Star·11/19/2025 23:00:00
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PETALING JAYA: MGB Bhd has accepted a letter of award from Beetah Real Estate, a real estate company specialising in property marketing in Saudi Arabia, worth RM388.5mil.

In a filing with Bursa Malaysia, MGB said the contract was for the construction of a residential commercial project for Al Madina Al Monawara, located at the city of Medina, Saudi Arabia.

“The project comprises the construction of 440 apartment units. The project shall be completed within 30 months from the commencement date on March 1, 2026.”

Separately, MGB announced that its net profit for the third quarter ended Sept 30, 2025 dipped to RM12.34mil from RM16.28mil in the previous corresponding period.

Revenue, meanwhile, dropped to RM227.22mil from RM289.25mil previously.