Majuperak returns to profit after three consecutive loss-making quarters

TheStar Tue, Nov 24, 2020 05:57pm - 3 months ago

Majuperak group CEO Nizran Noordin

KUALA LUMPUR: Majuperak Holdings Bhd returned to the black for its third quarter ended Sept 30 with a net profit of RM2.23mil, after three straight quarterly losses.

Its revenue for the quarter jumped 120% to RM11.97mil against RM5.42mil in the same quarter last year.

In the first nine months to Sept 30, Majuperak posted a net loss of RM3.12mil against a net loss of RM551,000. Its cumulative revenue doubled to RM16.8bil from RM8.48bil previously.

Group CEO Nizran Noordin said its steadfast focus on generating sustainable income for its core businesses had borne fruit, allowing the group to bounce back to profit in the quarter under review.

“This is all the more noteworthy given the tough conditions we currently face as a result of the pandemic.”

“The group’s property development and management segment was the key contributor for the quarter, primarily due to a gain of RM9.55mil arising from the sale of 130.16 acres of land in Bandar Tasik Idaman, Batu Gajah.

“We also recorded facility management proceeds from sub-contracting work for Perkhidmatan Sokongan Klinikal, as well as from property and land rental and solar activities. Further supporting our performance was the sale of agricultural land located in Tg. Tualang. Meanwhile, our renewable energy and trading segment also contributed positively,” Nizran said.

“Moving forward, although current challenges are expected to persist over the short-term, the group is confident that long-term prospects will see improvements in our property development business and we will continue to leverage on the growing demand for affordable properties,” he said, adding that the group is also actively pursuing viable opportunities in the renewable energy sector.

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