KUALA LUMPUR: MN Holdings Bhd
said it will advance its operational projects within the gas sector as the natural gas distribution system in Peninsular Malaysia is undergoing a significant expansion.
It said these capital investments aim to enhance and expand the distribution network across the region, supporting the gas projects undertaken under the group's underground utilities segment.
Additionally, the company anticipates significant growth opportunities in water and sewerage capital expenditure from major utility providers in the sector.
"Water and sewerage are crucial utilities for all new development projects, and the maintenance and replacement of aging pipelines are essential.
"As a result, companies specialising in underground utilities engineering services are positioned to benefit from capital investments aimed at designing, constructing, installing, repairing, and maintaining water and sewerage infrastructure,” said managing director Datuk Clement Toh in a statement.
MN Holdings posted a record net profit of RM4.96mil in the fourth quarter ended June 30, 2024, which was more than double the net profit of RM2.14mil in the year-ago quarter.
The group's earnings per share rose to 1.1 sen from 0.52 sen previously.
Revenue, meanwhile, jumped to RM73.44mil in 4QFY24 from RM49.19mil in 4QFY23.
For the 12-month period, the group's net profit was RM17.73mil, up from RM9.5mil in FY23, while revenue hit a historical high of RM254.62mil from RM164.45mil in the previous year.
It said the double-digit revenue growth was mainly driven by higher contribution from its substation engineering segment, where revenue jumped 79.94% to RM138.23mil from RM76.82mil.
As at June 30, 2024, MN Holdings’ cash position stood at RM35.04mil. Net assets per share of the company stood at 26 sen.
“MN Group has successfully completed and continues to advance significant data centre projects throughout the financial year.
"The Malaysian market has increasingly attracted data centres in recent years, and we remain committed to focusing on this sector.
"Our ongoing and forthcoming projects in data centres align with this growing market trend, ensuring we stay at the forefront of this dynamic industry,” said Toh.
