KUALA LUMPUR: MGB Bhd's net profit fell 29.2 per cent to RM7.14 million in the first quarter (Q1) ended March 31, 2022, from RM10.09 million a year ago.

However, the company's revenue rose 6.57 per cent to RM178.59 million in Q1 2022 from RM167.59 million in the preceding year's corresponding period.

In tandem with the road toward economic recovery, MGB said the construction and trading business segment remained the company's main revenue contributor.

The segment's revenue increased by 11.8 per cent to RM174.01 million in Q1 2022 compared to RM155.62 million last year.

The increase in revenue resulted from steady contribution from several sizeable projects such as Residensi Bintang Bukit Jalil and Mercu Jalil at Bukit Jalil and Ritma Perdana Melodi Perdana at LBS Alam Perdana, it said.

MGB executive vice-chairman Tan Sri Lim Hock San said the company's construction order book stands at RM1.74 billion.

Coupled with an estimated gross development value of RM2.15 billion under its property development segment, Lim said the company would deliver close to RM4.00 billion in revenue in the coming years.

"We expect a healthy replenishment of construction projects to keep us busy and will take the opportunity to tender for further government projects when available," he said.

In addition, Lim said that following the launch of Rumah Idaman BSP, MGB has received overwhelming bookings for its 1,312 units and is currently converting these bookings into sales for eligible purchasers who have obtained approval from the relevant authority.

He said the company looks forward to launching the five remaining Rumah Selangorku Idaman MBI projects, which will take place throughout this year and 2023.

"Furthermore, the newly launched Laman Bayu Phase 3 and 4 have recorded encouraging sales where 47 units (out of 118 units) of double-storey terraces with a gross value amounting to RM18.25 million have been sold.

"Overall, we believe we are in a steady position and should see out 2022 positively," he added.