KUALA LUMPUR: MN Holdings Bhd’s net profit for the first quarter ended Sept 30 jumped more than three-fold or 250.3% to RM4.19mil from RM1.20mil a year ago.
The underground utilities and substation engineering specialist, in a statement, said the strong financial performance for the quarter was due to strong demand for its underground utilities and substation engineering services from its customers in the power, gas and sewerage industries.
Its revenue for the quarter surged 103.81% to RM55.15mil from RM27.06mil last year while earnings per share rose to 1.02 sen from 0.29 sen previously.
The higher revenue was due to the increased revenue contribution from its substation engineering segment, which rose 186% to RM30.09mil from RM10.51mil achieved last year.
Managing director Datuk Loy Siong Hay said it was the company’s best quarterly performance since its listing on the ACE Market of Bursa Malaysia in April 2022.
“During the quarter under review, MN Holdings has seen a surge in demand for its underground utilities and substation engineering services from customers in the power sector, which accounted for 94.9% of its overall revenue followed by gas (4.1%) and sewerage (1.1%) sector,” he said.
Looking ahead, Loy said MN Holdings remained confident and resilient with the current FY24 performance as a few of the substation engineering projects awarded to the company will be completed, allowing the group to recognised substantial earnings contribution from these projects.
"The booming demand for data centres in Malaysia has also contributed a significant opportunity to the group. Since 2022, MN Holdings has secured six underground utilities and substation engineering contracts for data centre in Johor to provide engineering services related to power utilities,” he added.