KUALA LUMPUR (Aug 30): MN Holdings Bhd (MNHB) has grown its order book by 58% to RM272 million from RM172.2 million, since its listing on April 28, 2022.

In a statement on Monday (Aug 29), MNHB managing director Loy Siang Hay said the company has secured several underground utilities and substation engineering projects, and three substation engineering projects which contributed a total contract value of approximately RM82.9 million to its order book.

“As to date, we have an order book of RM272 million, an increase of approximately RM99.8 million since our listing.

“The order book will provide MNHB’s earnings for the next two to three financial years.

“The company will continue to enhance its order book through tenders, submission of private initiative proposals and business collaboration or acquisition,” he said.

Meanwhile, for the fourth quarter ended June 30, MNHB posted RM1.1 million net loss mainly due to the one-off listing expenses and impairment losses.

Revenue for the quarter stood at RM25.1 million.

There are no comparative figures for the preceding corresponding quarter.

Reviewing its performance, Loy said for FY22, MNHB’s net profit declined 31.4% to RM5.6 million from RM8.1 million a year ago weighed down by RM2 million one-off listing expenses and RM2.5 million impairment losses on the financial assets and contract assets.

He said revenue for FY22 contracted 9.7% to RM104 million from RM115.2 million a year ago due to lower level of construction activities based on the ongoing projects’ progress.

MNHB’s revenue was principally derived from the underground and utilities engineering segment, contributing approximately 73.9% of total revenue for FY22.

On its prospects, Loy said MNHB is optimistic about its FY23 performance in view of the improving economic activities, especially in the construction and power utilities sectors.