MRCB on track to hit RM1bil property sales target in 2025

KUALA LUMPUR: Malaysian Resources Corporation Bhd (MRCB) posted a net profit of RM28.8mil for the nine months ended Sept 30, 2025 (9M25), down from RM63.01mil in the corresponding period last year.

Revenue in 9M25 fell to RM826mil from RM1.27bil previously, while earnings per share eased to 0.64 sen compared with 1.41 sen a year earlier.

“The decline in revenue compared to the corresponding period in 2024 was due to the near completion of the LRT3 construction project and large new replacement construction projects won by the group still being in their infancy, when there is little revenue available to be recognised,” MRCB said in a statement.

The group said its property development and investment division recorded revenue of RM118.4mil and an operating profit of RM20.1mil in 9M25, mainly driven by the reversal of previous impairment losses following changes in development plans, as well as the write-back of cost provisions no longer required for completed projects.

MRCB said the division is on track to meet its RM1bil property sales target for 2025, having achieved RM836.6mil in the first nine months, a 30% increase from the corresponding period in 2024.

To date in 2025, MRCB has launched RM1.7bil worth of international properties, namely MARIS, a 192-unit apartment in Southport, Gold Coast, and the Symphony Centre, a 21-storey building with a mixture of retail and commercial space and over 70 apartments in Auckland, New Zealand.

Meanwhile, its engineering, construction and environment division posted revenue of RM647.4mil in 9M25, down 34% year-on-year, while operating profit fell 75% to RM36.5mil.

The decline was mainly due to lower contributions from the near-completed LRT3 project and minimal earnings from the newly secured Kompleks Sukan Shah Alam project, which is still in the early demolition and earthwork stages.

Other contributions came from the RM380mil Muara Sungai Pahang Phase 3 and RM250mil Sungai Langat Phase 2 flood mitigation projects, which had achieved financial progress of 71% and 14% respectively. The LRT3 project achieved physical construction progress of 99% and financial progress of 98% as of Sept 30.

MRCB said the division has RM5.5bil worth of secured projects in its order book, largely comprising the RM2.9bil Kompleks Sukan Shah Alam and the RM2.4bil contract to construct five reinstated stations and related infrastructure and systems works for the LRT3 line.

Its tender book currently stands at RM6.9bil, covering railway infrastructure and systems, airport upgrades, road and highway projects, power cable enhancements and water reservoir works.