PETALING JAYA: MGB Bhd
has accepted a letter of award from Beetah Real Estate, a real estate company specialising in property marketing in Saudi Arabia, worth RM388.5mil.
In a filing with Bursa Malaysia, MGB said the contract is for the construction of a residential commercial project for Al Madina Al Monawara, located in the city of Medina, Saudi Arabia.
“The project comprises the construction of 440 apartment units. The project shall be completed within 30 months from the commencement date on March 1, 2026.
Separately, MGB announced that its net profit for the third quarter ended Sept 30, 2025, dipped to RM12.34mil from RM16.28mil in the previous corresponding period, while revenue dropped to RM227.22mil from RM289.25mil previously.
MGB said it remains committed to the construction of affordable homes and industrial developments.
“Backed by the construction segment’s existing order book of approximately RM1.13bil and unbilled sales of RM0.42bil from ongoing property development projects, the group is optimistic of satisfactory performance in 2025.”
