MN Holdings executive director Datuk Dang Siong Diang
KUALA LUMPUR: MNN Holdings Bhd hit a record high orderbook of RM625.8mil after securing contracts worth a combined RM315mil since the start of its financial year in July 1, 2024.
Executive director Datuk Dang Siong Diang said the company has secured a few underground utilities and substation engineering projects, amongst others, and three substation engineering projects which contributed a total contract value of about RM285.2mil to its order book.
He said the orderbook has grown about RM192.5mil since the end of the last financial year in June 30, 2024, and will provide the group with earnings for the next two to three financial years.
Moving forward, Dang said MN Holdings will persist in advancing and optimising its operational projects within the gas sector as the natural gas distribution system in Peninsular Malaysia is undergoing expansion.
He 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 as the demand for clean, treated water, exacerbated by climate change, is placing increasing strain on Malaysia's water resources.
"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 Dang.
In the financial year ended June 30, 2024, MN Holdings’ revenue jumped 55.7% to RM256.2mil from a year earlier, backed by higher revenue contribution from the substation engineering segment.
The company’s record revenue performance translated into a net profit of RM17.2mil in FY24, nearly twice the net profit of RM9.3mil in the previous year’s corresponding period.
As at June 30, 2024, MN Holdings’ cash position stood at RM35mil.
