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New Straits Times
01-05-2025
- Business
- New Straits Times
Penang's labour market shows strength with unemployment rate dropping to 2.2pct
GEORGE TOWN: Penang's labour market is showing continued strength, driven by sustainable economic growth and promising investment performance, according to Chief Minister Chow Kon Yeow. In his Labour Day message, Chow said that according to the latest data from the fourth quarter of the 2024 Labour Force Survey (LFS), Penang recorded an unemployment rate of 2.2 per cent. He added that the state also posted a Labour Force Participation Rate (LFPR) of 73.2 per cent, indicating that the public is increasingly optimistic about the labour market and is being encouraged to seek employment. "The Penang government remains committed to championing the rights and welfare of workers through inclusive policies, skills training programmes and the creation of more high-value job opportunities. "The development of the digital, green and smart technology sectors will continue to be prioritised to ensure our workers remain relevant and competitive. "I also call on all employers to maintain harmonious and fair relations with their workers. The long-term success of an organisation depends not only on profits but also on the well-being and happiness of its workforce," he said. Chow said Labour Day held a special place in his heart due to Penang's role as a land of opportunity, not only for the people of Penang, but also for many people and families who reside or commute daily from neighbouring states in search of livelihood in this state. Thanks to the collective efforts of all parties, he said, Penang has strengthened its reputation as a key international trade destination, especially in the rapidly growing electronics and semiconductor sectors. "As a result of our shared success, Penang continues to solidify its position as Malaysia's leading hub for investment and technological innovation, with approved manufacturing investments amounting to RM17.3 billion involving 182 projects and nearly 16,254 job opportunities created in 2024," he added. Chow urged all to continue to work hand in hand, strengthen the spirit of unity and fight for a brighter future for all workers in the state of Penang.
Malay Mail
01-05-2025
- Business
- Malay Mail
Penang records RM17.3b in manufacturing investments, creating 16,254 jobs, says CM on Labour Day
GEORGE TOWN, May 1 — Penang recorded approved manufacturing investments worth RM17.3 billion in 2024, strengthening its position as Malaysia's leading technology investment and innovation hub, said Chief Minister Chow Kon Yeow. In his Labour Day message today, Chow said this comprised 182 projects which created about 16,254 job opportunities last year. 'Along with sustainable economic growth and encouraging investment performance, the labour market in Penang continues to strengthen, with the latest data from the Labour Force Survey for the fourth quarter of 2024 showing the state's unemployment rate at 2.2 per cent. 'Penang recorded a labour force participation rate of 73.2 per cent, thus proving that people are increasingly optimistic about the labour market and encouraging them to look for jobs,' he said. He said the state has also strengthened its reputation as a focal point for international trade, particularly in the electronics and semiconductor sectors, which are experiencing rapid growth. In conjunction with Labour Day, Chow said that the state government would continue to champion the rights and welfare of workers through inclusive policies, skills training programmes, and creating more high-value job opportunities. He stressed that the development of digital, green, and smart technology sectors will continue to be given priority so that workers remain relevant and competitive. 'I also urge all employers to continue to maintain harmonious and fair relationships with their employees as the long-term success of an organisation depends not only on profits, but also on the well-being and happiness of its workforce,' he said. — Bernama
Yahoo
21-02-2025
- Business
- Yahoo
MN Holdings Announces Strongest-Ever Profit After Tax of RM12.7 Million in Q2 FY2025
KUALA LUMPUR, MALAYSIA / / February 20, 2025 / MN Holdings Berhad ("MN Holdings" or the "Group"), a leading infrastructure utilities construction and engineering solutions specialist in Malaysia, is pleased to announce the financial results for the second quarter ended 31 December 2024 ("Q2 FY2025") with a record Profit After Tax ("PAT") of RM12.7 million; a significant jump of 217% as compared to the same period last year. For Q2 FY2025, MN Holdings recorded a 68% increase in revenue to RM125.5 million, compared with RM74.9 million in Q2 FY2024. The underground utilities engineering segment saw revenue surge by 128% to RM60.0 million from RM26.3 million in Q2 FY2024. Meanwhile, the substation engineering segment contributed RM65.0 million, representing 52% of total revenue, marking a strong 34% growth from RM48.6 million in the corresponding quarter last year. Profit before tax ("PBT") for the quarter surged by 204% to RM17.3 million, compared to RM5.7 million a year ago, driven by enhanced project execution and higher revenue recognition. PAT jumped tripled to RM12.7 million, from RM4.0 million in the same period last year. The higher profitability was boosted by improved margins from higher value projects, despite slightly higher administrative expenses and impairment provisions. Compared to the preceding quarter ("Q1 FY2025"), MN Holding's Q2 FY2025 revenue grew by 22% from RM103.1 million to RM125.5 million. This growth was mainly attributed to the substation engineering segment, which registered a 32% increase, from RM49.1 million in Q1 FY2025 to RM65.0 million in Q2 FY2025, supported by accelerated project execution. In tandem with revenue growth, PBT improved by 75% to RM17.3 million, compared to RM9.9 million in Q1 FY2025, while PAT rose by 81% from RM7.0 million to RM12.7 million. Excluding one-off adjustments, adjusted PBT stood at RM18.8 million, reflecting a 46% increase quarter-on-quarter. The strong profitability was driven by better project margins and operational efficiency in handling large-scale infrastructure works. For the first half of the financial year ("1H FY2025"), the Group's cumulative revenue reached RM228.6 million, marking a 76% increase from RM130.1 million in the same period last year. The underground utilities engineering segment revenue expanded by 123% to RM114.5 million from RM51.4 million while the substation engineering segment generated RM114.1 million, a 45% growth from RM78.7 million in 1H FY2024. PBT for 1H FY2025 rose by 142% to RM27.2 million, from RM11.2 million in 1H FY2024, supported by higher gross profit, despite increased administrative expenses and impairment losses on financial assets. Correspondingly, PAT surged by 140% to RM19.7 million, from RM8.2 million in 1H FY2024. The Group's profitability continued to improve, driven by stronger revenue growth and disciplined cost management. As at 20 February 2025, MN Holdings' order book stood at RM665.3 million, providing strong earnings visibility for the next two to three financial years. The Group remains well-positioned to capitalise on Malaysia's ongoing infrastructure development and energy transition, particularly in renewable energy, data centres, and water utilities. Dato' Clement Toh, Managing Director of MN Holdings said, "The growth momentum from our underground utilities and substation engineering projects reflects our execution capabilities and the strength of our order book. With increasing investments in infrastructure and power distribution, we remain optimistic about our ability to drive long-term and sustainable earnings growth." He added, "Malaysia's data centre market is expanding rapidly, with major global players investing in large-scale facilities, driving demand for power distribution infrastructure. Meanwhile, government initiatives such as LSS5+ Petra for solar energy and the RM10 billion AIR 2040 programme for water infrastructure upgrades present significant opportunities for us. Leveraging our expertise, we are well-positioned to support these developments and capitalise on the industry's growing demand." MN Holdings remains focused on strengthening its foothold in key infrastructure sectors, ensuring continued revenue growth and profitability in the coming quarters. About MN Holdings Berhad ("MN Holdings") Established in 2007, MN Holdings Berhad ("MN Holdings" or the "Group") is a leading solutions provider in infrastructure utilities construction, specialising in underground utilities and power infrastructure in Malaysia. Expanding into substation engineering in 2012, the Group offers construction, integration, and maintenance services for electrical power systems. The Group also partners with global manufacturers to distribute power control systems and substation components, reinforcing its commitment to delivering comprehensive engineering solutions with the expertise, workforce, and machinery to support critical infrastructure projects. For more information, visit Issued By: Swan Consultancy Sdn. Bhd. on behalf of MN Holdings Berhad For more information, please contact: Jazzmin WanEmail: Xinyi ChingEmail: SOURCE: MN Holdings Berhad View the original press release on ACCESS Newswire Sign in to access your portfolio
