Muhibbah Q1 earnings rise 14pct to RM16mil on stronger concession gains
KUALA LUMPUR: Muhibbah Engineering (M) Bhd's net profit for the first quarter ended March 31, 2025, rose 14 per cent to RM16.17 million from RM14.19 million a year earlier, lifted by higher contributions from its concession business.
In a filing with Bursa Malaysia, the group said this was driven by its airport and road concession operations, which contributed RM22.1 million in pre-tax profit, up 116.7 per cent from RM10.2 million previously.
Quarterly revenue, however, declined 2.2 per cent to RM319.96 million from RM327.01 million a year ago. Muhibbah said the dip was due to slightly lower construction activity during the quarter.
On a proforma basis, which includes its share of revenue from associates, total revenue rose 4.2 per cent to RM431.3 million from RM413.9 million.
Earnings per share rose to 2.22 sen from 1.95 sen a year ago.
As at end-March, the group had RM516.7 million in cash and bank balances, down from RM571.2 million at the end of December 2024. Total borrowings stood at RM468.2 million, comprising RM306.6 million in short-term and RM161.6 million in long-term loans.
The group's outstanding order book stood at RM1.14 billion as at May 22, spanning construction and cranes projects.
Despite global headwinds, including inflation, supply chain disruptions and geopolitical uncertainties, Muhibbah said it will continue to monitor developments and pursue new contracts.
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