KUALA LUMPUR: Meta Bright Group Bhd (MBG) achieved a 40.41% year-on-year (YoY) increase in net profit to RM48.56 million for the fourth quarter (Q4) ended June 30, 2024 (FY24), from RM8.27 million posted in the same quarter last year.
Revenue also saw an impressive surge, reaching RM48.56 million in Q4 FY24, compared to RM8.87 million in the same quarter last year.
For FY24, MBG’s net profit jumped by 35.51% to RM11.78 million from RM8.69 million in FY23.
The strong increase in net earnings was mainly due to substantial revenue growth, which increased more than threefold to RM102.92 million in FY24 compared to RM34.07 million recorded in FY23.
The revenue surge was driven by the implementation of the group’s transformation strategy, including acquiring the building materials business, which added RM60.53 million, and growing leasing and financing, which contributed RM5.71 million.
Property development added RM6.30 million, while the energy segment contributed RM1.15 million. The hospitality segment, however, saw a slight decline to RM24.43 million due to lower room sales.
MBG executive director of corporate and strategic planning Derek Phang Kiew Lim said the current results are a testament to the successful execution of the group’s strategic initiatives.
“From our initial corporate exercises to transforming the company, diversifying into new business areas, and now entering an exciting growth phase, we have seen significant progress.
“Our targeted acquisition, expansion into energy and leasing, the materialisation of our property project, and the completion of our existing hotel renovation program have all contributed to our strong performance in FY24,“ he said.
Looking ahead, the MBG board remains committed to enhancing the competitiveness of its hotel segment by further improving building facilities following the completion of the existing renovation program while continuously seeking new property development opportunities to generate additional income streams.
The group has successfully diversified its core businesses to include energy-related, equipment leasing, and building materials, which are expected to positively impact future profits.
Although cautious about navigating the challenging business environment, the board remains optimistic about these industries’ growth potential.
“Our recent achievements underscore the success of our transformation strategy, setting the stage for the future development of MBG, and as we move forward, we are confident that our diversified business portfolio will continue to drive sustained growth and value creation for the group,” Phang said.
