KUALA LUMPUR (Feb 20): Malaysian Resources Corp Bhd’s (MRCB) net profit for the fourth quarter ended Dec 31, 2022 (4QFY2022) came in sharply lower at RM13.02 million from RM75.21 million a year ago.

The group attributed the lower earnings to the fall in other operating income, which declined by 88% to RM17.01 million from RM146.09 million a year before. But the lower tax expenses of RM24.64 million helped cushion the earnings contraction. It posted a tax expense of RM49.46 million a year ago.

Earnings per share dropped to 0.29 sen per share in 4QFY2022, compared with 1.68 sen per share a year ago, the conglomerate said in a bourse filing.

Quarterly revenue, however, fell marginally by 2.82% year-on-year (y-o-y) to RM833.94 million, from RM858.12 million.

MRCB declared a first and final single tier dividend of one sen per share, payable on May 17, with an ex-date of April 26, 2023.  

Nonetheless, the group performed well for the financial year ended Dec 31, 2022. It achieved an annual net profit of RM64.85 million, more than four times the RM15.83 million in FY2021. Annual revenue more than doubled to RM3.2 billion from RM1.45 billion.  

MRCB’s share price closed 0.5 sen or 1.56% up to 32.5 sen, giving the company a market capitalisation of RM1.45 billion.