KUALA LUMPUR: Malaysian Resources Corp Bhd’s (MRCB) will prioritise boosting cash flow in 2024 by selling its RM299.2mil worth of unsold completed stock in Malaysia and focusing on its new launches planned for the year.
“With interests in 1,168 acres of land with a gross domestic value (GDV) of RM38bil, the group has a sustainable supply of long-term land for future projects,” MRCB said in a filing with Bursa Malaysia.
The group said the division had cumulative unbilled sales of RM558.7mil as of June 30, which will be recognised progressively over the construction period of the projects, such as Alstonia, Lilium and Residensi Tujuh.
MRCB said its VISTA development in Gold Coast, which forms the bulk of these unbilled sales, will only contribute revenue and operating profit after all the units sold are constructed and achieve financial settlement with the purchasers.
As of June 30, the group’s property development & investment division sold RM497.4mil worth of properties from its inventory of completed units as well as its ongoing developments.
Meanwhile, the group has an unbilled construction order book of RM15.7bil and a RM34bil construction tender book.
In the second quarter ended June 30, MRCB’s net profit surged to RM51.2mil, or earnings per share of 1.15 sen against RM10.9mil, or 0.24 sen posted in the year-ago quarter.
Revenue, however, tumbled 37.9% to RM372.1mil from RM599.3mil last year.
In the first half to June 30, MRCB posted a higher net profit of RM54.2mil on revenue of RM848.3mil.
