KUALA LUMPUR (Feb 5): Menang Corp (M) Bhd net profit for its second quarter ended Dec 31, 2023 (2QFY2024) up 22.86% to RM4.41 million or 0.85 sen per share, from RM3.59 million or 0.71 sen per share a year ago (2QFY2023), on the back of reduction in financial costs incurred in the current quarter after making scheduled loan repayment for the group’s existing loans.

Quarterly revenue jumped 45.75% to RM32.32 million from RM22.18 million a year ago, driven by the recognition of RM11.11 million revenue and RM1.12 million gross profit upon completion of the land swap transactions in the current quarter.

The group did not declare any dividend for the quarter.

For the first half ended Dec 31, 2023 (1HFY2024), net profit up 37.44% to RM9.62 million from RM7 million in the same period last year, following the revenue having increased 21.56% to RM53.22 million from RM43.78 million.

“Despite higher administrative expenses by RM34,000 in the current period, [Menang] achieved a higher profit from operations by RM1.87 million due to the recognition of RM1.99 million income receivable from Jabatan Kastam Diraja Malaysia,” Menang said in filing with Bursa Malaysia on Monday.

On its prospect, the group said it will actively pursue transformative opportunities while concurrently strengthening its financial position through the expansion of its capital base and the reduction of borrowings.

“Further, the group will continue to explore the development opportunities on our existing land bank situated around Seremban 3, Klang, Port Dickson, Rantau, and Ulu Bernam, with the aim of maximising the potential value to our shareholders,” Menang said.

At market close on Monday, the shares in Menang Corp settled at 67 sen, slipped 1.5 sen or 2.19%. Its market capitalisation stood at RM354.56 million.