Petaling Jaya: Emerging property developer MCT Berhad (MCT) completed a turnaround in financial performance for the fiscal year ended December 31, 2022 (FY2022) recorded a net profit of RM13.6 million in Q4 2022.
The increase in net profit in Q4 2022 is a result of operational efficiency gains from lower construction costs, despite a 12.2% decrease in revenue from RM87.1 million in the previous quarter to RM76.5 million in the previous quarter was achieved as The decline in revenue was primarily due to slow construction progress as the majority of the projects are in the early stages of their construction schedules.
Increased net profit in Q4 2022 helped the Group wipe out losses recorded in the first half of 2022, posting a net profit of RM224.9 million and a net loss of RM16.2 in 2022, compared to Recorded RM0.5 million. Record 1 million in 2021.
MCT CEO Teh Heng Chong said:
Alongside the country’s economic recovery, the Group launched four new projects in FY2022 with a total development value of RM784.3 million. Positive reaction to these new launches drives net sales up 13% in FY22 from MYR 440 million in FY21 on the back of the success of Alila @ Metropark Subang, Aetas Damansara and Casa Bayu 496 million ringgit.
In addition, the Group’s unbilled turnover as at 31 December 2022 also increased by 39.0% from RM518 million in 2021 to RM720 million in 2021, providing revenue visibility in the coming years. ”
In August 2022, the Group acquired 4.0 acres of land in Bangui for RM31.5 million. The land is slated for release in his Q1 2024 with an estimated Gross Development Value (GDV) of RM404.2 million. The group recently announced that he acquired 1.6 acres of land in Septeh, Kuala Lumpur for RM58 million, with an estimated GDV of RM320 million.
Commenting on the Group’s outlook for 2023, Thae said: As we develop our growth plans, we will continue to seek Randhi banking opportunities with strong value propositions across the Klang Valley to strengthen the Group’s future prospects. ”
“We are optimistic about the outlook for our business by initiating a pipeline of at least three new projects in fiscal 2023. Supported by strong unbilled sales and launch contributions, we are We are confident in our positive growth trajectory and will be able to record profits in 2023.”
