MAJUPERAK POSTS RM39M NET PROFIT
Firm remains focused on efforts to grow organically, says CEO
MAJUPERAK Holdings Bhd posted a net profit of RM39.13 million in its fourth quarter ended Dec 31 last year, marking a substantial jump from a loss of RM6.68 million in the same quarter the previous year.
The company also achieved an improved revenue of RM18.92 million.
Group chief executive officer Nizran Noordin said the company remained focused on efforts to grow organically as it expanded and tapped into opportunities within the value chain.
“Our key business segments of property development and management, facility management as well as renewable energy continue to contribute positively to the group.
“The group’s revenue for the quarter was primarily derived from partly recognising the sale of 52.67ha of land in Mukim Sungai Terap amounting to RM12.96 million, followed by trading and merchandising sales, facility management proceeds as well as property and land rental,” he said yesterday.
Also contributing to the better profit was a fair value (FV) adjustment to investment properties amounting to RM51.93 million.
This was due to the adoption of the FV model for investment properties as per the Malaysian Financial Reporting Standard 140.
The one-time revaluation resulted in a net surplus of RM44.8 million for the fourth quarter.
For the 12-month period ended Dec 31 last year, the group registered a net profit of RM35.77 million on the back of a revenue of RM35.73 million.
“As the economy continues to see a recovery, we are confident that we are well-poised to leverage viable prospects ahead.
“We look forward to solidifying our core businesses while we explore potential partnerships and collaborations over the long term as we build on our strengths and expertise.”