Malaysian Resources Corp Bhd (MRCB) saw a surge in net profit for the fourth quarter ended Dec 31, 2023 (4Q23), reaching RM80.23 million, up from RM13.02 million in the same period the previous year.

The increase was driven by gains from the disposal of two properties, contributing to other operating income of RM167.2 million.

However, revenue decreased by nearly 20% to RM668.78 million due to the completion of major infrastructure and property development projects.

In the property development segment, MRCB's immediate focus is on enhancing cash flow by monetising unsold completed stock amounting to RM384.8 million.

The engineering, construction, and environment division is actively bidding for projects worth RM30 billion, with existing orders of RM26.1 billion, of which RM15.7 billion is still unbilled.

Despite a 22% decrease in revenue for FY2023, net profit rose by 56% to RM101.03 million compared to RM64.85 million the previous year.

MRCB announced a first and final dividend of 1 sen per share, totaling RM44.7 million, payable on May 20.

Shares in MRCB fell 0.85% today, reaching 58.5 sen, with the company's valuation at RM2.614 billion.