In FY22, MRCB posted a net profit of RM64.8mil, up from RM15.8mil in the previous year.According to MIDF Research, the LRT3 project is expected to be among the main earnings drivers for the group over the next two financial years, with 25% yet to be recognised.
“The physical construction progress is currently at 81% and financial progress at 75%,” it said in a report yesterday.According to MIDF Research, the group’s target is to enhance cash flow through the monetisation of its RM227mil of unsold completed inventory this year.Its external construction order book stands at RM26.3bil as of December 2022, mainly of transit-oriented development and infrastructure projects. The unbilled portion is RM17.4bil, said MIDF Research.
MRCB is also diversifying from being too Malaysia-centric and has begun to seek more opportunities in Australia and New Zealand. On this front, MRCB is planning to launch Vista, a 51-storey residential high-rise in Australia’s Gold Coast this year, which has a gross development value of some RM1.2bil.