KUALA LUMPUR, MALAYSIA / ACCESS Newswire / February 20, 2025 / MN Holdings Berhad ("MN Holdings" or the "Group"), a leading infrastructure utilities construction and engineering solutions specialist in Malaysia, is pleased to announce the financial results for the second quarter ended 31 December 2024 ("Q2 FY2025") with a record Profit After Tax ("PAT") of RM12.7 million; a significant jump of 217% as compared to the same period last year.
For Q2 FY2025, MN Holdings recorded a 68% increase in revenue to RM125.5 million, compared with RM74.9 million in Q2 FY2024. The underground utilities engineering segment saw revenue surge by 128% to RM60.0 million from RM26.3 million in Q2 FY2024. Meanwhile, the substation engineering segment contributed RM65.0 million, representing 52% of total revenue, marking a strong 34% growth from RM48.6 million in the corresponding quarter last year.
Profit before tax ("PBT") for the quarter surged by 204% to RM17.3 million, compared to RM5.7 million a year ago, driven by enhanced project execution and higher revenue recognition. PAT jumped tripled to RM12.7 million, from RM4.0 million in the same period last year. The higher profitability was boosted by improved margins from higher value projects, despite slightly higher administrative expenses and impairment provisions.
Compared to the preceding quarter ("Q1 FY2025"), MN Holding's Q2 FY2025 revenue grew by 22% from RM103.1 million to RM125.5 million. This growth was mainly attributed to the substation engineering segment, which registered a 32% increase, from RM49.1 million in Q1 FY2025 to RM65.0 million in Q2 FY2025, supported by accelerated project execution.
In tandem with revenue growth, PBT improved by 75% to RM17.3 million, compared to RM9.9 million in Q1 FY2025, while PAT rose by 81% from RM7.0 million to RM12.7 million. Excluding one-off adjustments, adjusted PBT stood at RM18.8 million, reflecting a 46% increase quarter-on-quarter. The strong profitability was driven by better project margins and operational efficiency in handling large-scale infrastructure works.
For the first half of the financial year ("1H FY2025"), the Group's cumulative revenue reached RM228.6 million, marking a 76% increase from RM130.1 million in the same period last year. The underground utilities engineering segment revenue expanded by 123% to RM114.5 million from RM51.4 million while the substation engineering segment generated RM114.1 million, a 45% growth from RM78.7 million in 1H FY2024.
PBT for 1H FY2025 rose by 142% to RM27.2 million, from RM11.2 million in 1H FY2024, supported by higher gross profit, despite increased administrative expenses and impairment losses on financial assets. Correspondingly, PAT surged by 140% to RM19.7 million, from RM8.2 million in 1H FY2024. The Group's profitability continued to improve, driven by stronger revenue growth and disciplined cost management.
As at 20 February 2025, MN Holdings' order book stood at RM665.3 million, providing strong earnings visibility for the next two to three financial years. The Group remains well-positioned to capitalise on Malaysia's ongoing infrastructure development and energy transition, particularly in renewable energy, data centres, and water utilities.
Dato' Clement Toh, Managing Director of MN Holdings said, "The growth momentum from our underground utilities and substation engineering projects reflects our execution capabilities and the strength of our order book. With increasing investments in infrastructure and power distribution, we remain optimistic about our ability to drive long-term and sustainable earnings growth."
He added, "Malaysia's data centre market is expanding rapidly, with major global players investing in large-scale facilities, driving demand for power distribution infrastructure. Meanwhile, government initiatives such as LSS5+ Petra for solar energy and the RM10 billion AIR 2040 programme for water infrastructure upgrades present significant opportunities for us. Leveraging our expertise, we are well-positioned to support these developments and capitalise on the industry's growing demand."
MN Holdings remains focused on strengthening its foothold in key infrastructure sectors, ensuring continued revenue growth and profitability in the coming quarters.
About MN Holdings Berhad ("MN Holdings")
Established in 2007, MN Holdings Berhad ("MN Holdings" or the "Group") is a leading solutions provider in infrastructure utilities construction, specialising in underground utilities and power infrastructure in Malaysia. Expanding into substation engineering in 2012, the Group offers construction, integration, and maintenance services for electrical power systems. The Group also partners with global manufacturers to distribute power control systems and substation components, reinforcing its commitment to delivering comprehensive engineering solutions with the expertise, workforce, and machinery to support critical infrastructure projects.
For more information, visit https://mnholdings.com.my/
Issued By: Swan Consultancy Sdn. Bhd. on behalf of MN Holdings Berhad
For more information, please contact:
Jazzmin Wan
Email:j.wan@swanconsultancy.biz
Xinyi Ching
Email:x.ching@swanconsultancy.biz
SOURCE: MN Holdings Berhad
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