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MBM Resources Records 72% Surge in Q3 Profit Boost From Land Sale, Declares Dividends

The Malaysian Reserve ·  Dec 2, 2023 12:34

MBM Resources Bhd reported a 72% surge in net profit for the third quarter ended September 30, 2023 (3Q23), driven by a gain of RM28.4 million from the disposal of a vacant land in Negeri Sembilan.

The company declared a special dividend of 7 sen and an interim dividend of 6 sen, totaling 13 sen per share.

Its Q323 net profit reached RM104.76 million, with revenue remaining flat at RM621.27 million.

For the nine-month period, net profit increased by 5.6% to RM236.64 million, and revenue grew by 3.6% to RM1.72 billion.

MBM foresees sustained sales and manufacturing volume for the year, buoyed by improved financials and strong vehicle demand.

The stock closed at RM4.26, reflecting a 46.5% YTD gain.

MBM's shares concluded the session at RM4.26, marking a decrease of 4 sen or 0.9%, resulting in a market capitalisation of RM1.66 billion.

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