KUALA LUMPUR: MN Holdings Bhd's strong performance over the current financial year hinges on the continued progress and commencement of several major projects, according to managing director Loy Siong Hay.
In a statement, Loy said the utilities sector is seeing sustained growth momentum through rising renewable energy adoption, which was further supported by continued activities in the conventional utilities segment including power and gas.
He added that the acceleration of the data centre industry in the country presents a new and exciting landscape for the group, tapping on its core expertise in the underground utilities and substation engineering and construction.
"We are optimistic of ending FY2023 on a high note, and look forward to secure new opportunities," he said in a statement.
MN Holdings’ outstanding order book of RM337.67mil as at May 22, 2023, is expected to support the group’s earnings over the next two to three years, he added.
In the third quarter ended March 31, 2023, MN Holdings posted a net profit of RM3.7mil, representing an earnings er share of 0.9 sen, which was about double the net profit of RM1.89mil in the previous corresponding quarter.
The group reported revenue of RM45.78mil, up from RM29.11mil in the comparative quarter, supported by MN Holdings’ substation engineering segment, where top line more than doubled to RM20.75mil, from RM7.96mil.
The underground utilities engineering segment continued to be the core contributor, with a 18.36% increase in revenue to RM25.03mil, from RM21.14mil.
Over the three quarters to March 31, 2023, MN Holdings had a net profit of RM7.47mil on revenue of RM113.84mil, as compared to net profit of RM6.56mil on revenue of RM78.88mil in 9MFY22.