Image source: nst.com.my

Majuperak Holdings Berhad (Majuperak) returned to the black for its third quarter ended 30 September 2020 with a profit after tax of RM2.49 million, marking a turnaround following three consecutive quarterly losses. This was achieved on the back of an improved revenue of RM11.97 million.

Encik Nizran Noordin, Group Chief Executive Officer of Majuperak Group, said, “Our steadfast focus on generating sustainable income for our core businesses has borne fruit, allowing the Group to bounce back to profit in the quarter under review. This is all the more noteworthy given the tough conditions we currently face as a result of the pandemic.”

“The Group’s property development and management segment was the key contributor for the quarter, primarily due to a gain of RM9.55 million arising from the sale of 130.16 acres of land in Bandar Tasik Idaman, Batu Gajah. We also recorded facility management proceeds from sub-contracting work for Perkhidmatan Sokongan Klinikal, as well as from property & land rental and solar activities. Further supporting our performance was the sale of agricultural land located in Tg. Tualang. Meanwhile, our renewable energy and trading segment also contributed positively.”

“Moving forward, although current challenges are expected to persist over the short-term, the Group is confident that long-term prospects will see improvements in our property development business and we will continue to leverage on growing demand for affordable properties. At the same time, we are focused on actively pursuing viable opportunities in the renewable energy sector, and we have in fact already seen good progress on this front, securing partnership agreements with several companies.”

“This strategy will allow us to grow our existing business, while capturing future prospects in other budding sectors to strengthen our earnings potential over the long-run,” concluded Encik Nizran Noordin.

(27 November 2020)