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PETALING JAYA (April 21): Malaysian Resources Corp Bhd (MRCB) recorded a group revenue of RM1.20 billion for the financial year ended Dec 31, 2025, down 27% year-on-year (y-o-y) from RM1.65 billion in FY2024, as the near-completion of the LRT3 project and delayed domestic property launches crimped earnings recognition during the year.
According to its Bursa announcement today, profit before tax (PBT) came in at RM73.2 million, marginally lower by 2% from RM75 million in FY2024, while profit after tax (PAT) was RM47 million, equivalent to a basic earning per share of 1.06 sen.
Segment performance
The Engineering, Construction & Environment (ECE) division remained the group's anchor, contributing revenue of RM944.8 million and operating profit of RM113.1 million in FY2025.
However, the division's operating profit declined 26% as the LRT3 project approached near-full physical completion at 99.6%, while three newly secured projects (refer below under “Construction order book”) remained in early mobilisation or design phases.
The Property Development & Investment (PDI) division posted revenue of RM171.1 million, down 41% from RM288.3 million in FY2024, reflecting a smaller pool of completed Malaysian units and regulatory approval delays that pushed back approximately RM1.9 billion in planned domestic launches.
Despite the lower revenue, the division narrowed its operating loss to RM11.5 million from RM17.6 million in the prior year, aided by reversals of previously recognised impairment losses.
The Facilities Management & Parking segment recorded revenue of RM61.8 million and manages over 19,000 carpark bays across 22 sites.
Property sales and unbilled sales
MRCB achieved property sales of RM927.4 million in FY2025, up 11% y-o-y, driven largely by its Australian developments. Key sales contributors included:
1) Maris, Southport Gold Coast apartment, Queensland, Australia (launched June 2025): RM499.8 million, 81% of gross development value (GDV) sold
2) Vista, Surfers Paradise Gold Coast apartment, Queensland: RM229.8 million; cumulative sales of RM841.9 million representing 49% of GDV
3) TRIA 9 Seputeh condominium, Kuala Lumpur: RM125.5 million
Unbilled property sales stood at RM1.4 billion as at end-2025, predominantly from Vista and Maris, which will be recognised upon unit handover to buyers upon financial settlement.
In New Zealand, The Symphony Centre in Auckland's central business district (CBD) was launched in March 2025, with a GDV of NZ$537 million (RM1.26 billion). Construction is expected to commence once the underlying Aotea Station is handed over by external parties.
Construction order book
MRCB secured approximately RM5.5 billion in new construction project wins in 2025, restoring its forward pipeline after the LRT3 drawdown. The three major awards were:
a) Kompleks Sukan Shah Alam redevelopment: RM2.9 billion
b) Five reinstated LRT3 stations and related infrastructure: RM2.4 billion
c) PLUS Expressway additional lane (Senai–Sedenak): RM160.1 million
The group's unbilled construction order book was RM5.7 billion at year-end, with a total external client order book of RM18.0 billion and a tender book of RM8.4 billion.
Bukit Jalil and Cyberjaya: strategic land moves
A key corporate event in FY2025 was the signing of a share sale agreement on Sept 8, 2025 for MRCB to acquire the remaining 80% stake in Bukit Jalil Sentral Property Sdn Bhd (BJSP) from the Employees Provident Fund (EPF) for RM1.58 billion cash.
Shareholders' approval was obtained at an extraordinary general meeting on Dec 18, 2025, with completion expected in April 2026.
The acquisition was formally completed yesterday (April 20) — a day before the filing of this annual report.
In Cyberjaya, MRCB completed a land-swap in March 2025, acquiring seven commercial parcels for RM287.7 million and divesting its 70% stake in CSB Development Sdn Bhd for RM219.0 million, consolidating control over key parcels within Cyberjaya City Centre for future disposal or development.
Balance sheet and gearing
Net gearing rose to 0.41 times as at Dec 31, 2025, from 0.27 times at end-2024, with net debt of RM1.89 billion.
Total borrowings increased to RM2.55 billion (of which RM2.29 billion is Islamic financing), while cash and bank balances stood at RM657.5 million.
Management described the higher gearing as a deliberate, strategic move to fund major project mobilisation, with normalisation expected as Bukit Jalil and Cyberjaya assets are monetised in 2026–2027.
The board declared a first and final single-tier dividend of 1.00 sen per ordinary share for FY2025, consistent with the 1.00 sen paid in each of the preceding four financial years, resulting in a total dividend payout of approximately RM45 million.
Outlook
Management guided for RM2.2 billion in domestic property launches in 2026, comprising Parcel A at 9 Seputeh (RM424 million), Kolektif at KL Sentral CBD (RM205 million), Tower 1 and Tower 5 at PJ Sentral (combined RM1.18 billion), and Bukit Rahman Putra Phase 3 (RM374 million).
Property revenues are expected to normalise from 2027 and strengthen meaningfully in 2028–2029 as projects progress.
On the construction front, active execution of the Kompleks Sukan Shah Alam redevelopment and reinstated LRT3 stations is slated to commence in 2026, providing multi-year revenue visibility.
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