MB WORLD Group Bhd has recorded a 92.3% increase in net profit to RM30.61 million for the financial year ended Dec 31, 2017 (FY17), from the RM15.9 million reported in FY16, as a result of a more robust contribution from the property development sector.

MB World also recorded an increase of 89% in revenue to RM233 million for the period under review against RM122.7 million in FY16.
The group’s revenue for the quarter stood at RM105.04 million, a gain of RM58.08 million over the preceding year’s corresponding quarter, mainly contributed by the success of Pinnacle Tower, a 38-storey service apartment project within the Johor Baru City Centre.

The tower also contributed to MB World’s net profit for the fourth quarter ended Dec 31, 2017 (4Q17), which stood at RM10.97 million compared to RM7.78 million achieved in the previous corresponding quarter.

Basic earnings per ordinary share also improved from 17.23 sen in FY16 to 27.22 sen in FY17.

MB World ED Ng Liang Khiang said the increase in group’s revenue is also attributed to the 100% sales achieved during the year, along with the completion of Pinnacle Tower which was spearheaded by wholly owned subsidiary MB Max Sdn Bhd.

“The property development segment is expected to continue contributing significantly to the group’s performance and profitability, driven by the new launches of phases in Taman Sri Penawar,” he said in a statement last Friday.

In 4Q17, the group’s operating revenue rose to RM105.04 million from RM60.01 million, or 75.04%, over the immediate preceding quarter — supported by an increase in revenue from the development segment that amounted to RM100.83 million.

The group’s operating profit before tax for 4Q17 increased to RM25.01 million from RM10.12 million in the immediate preceding quarter.
MB World’s subsidiary, Cocoa Valley Development Sdn Bhd, is currently undertaking the flagship development of a new integrated township called Taman Sri Penawar, which spans across 470 acres (190.2ha) in Bandar Penawar, Kota Tinggi, Johor.

The whole township has an estimated gross development value of RM1.95 billion.

To date, MB World has successfully launched 265 units (Phase 1) and 320 units (Phase 2) of single-storey terrace houses, 272 units (Phase 1) and 256 units (Phase 2) of double-storey terrace houses, together with 161 units of double-storey shop offices.

https://themalaysianreserve.com/2018/02/26/mb-world-earnings-almost-double-fy17/