Malaysian Resources Corp. Bhd. · MYX:MRCB
Malaysian Resources Corp. Bhd — Q1 2017 Earnings Presentation
15 slides from Malaysian Resources Corp. Bhd's earnings presentation, May 29, 2017
Slide 1: Analyst Briefing: Quarter ended 31 March 2017
Analyst Briefing Quarter ended 31 March 2017 29 May 2017
Slide 2: Significant progress in 1st Quarter
‘Significant progress in 1st Quarter’ Quarter-on-Quarter • Revenue up 20.4% to RM524.9 million vs Q1 2016; PBT up 56.9% at RM29.3 million • Higher PBT mainly due to lower finance costs, higher interest income and a stronger performance by our Property Development Division. • Net gearing increased sl
Slide 3: Major Corporate Events
Major Corporate Events • On 17 February 2017, MRCB Engineering Sdn Bhd entered into a Share Sale Agreement with Hicom Berhad for the disposal of its 51% equity interest in Dekad Kaliber Sdn Bhd for RM3.6 million. The disposal was completed on the same date 17 February 2017 at a gain of RM1.6 million
Slide 4: Income Statement Summary
Income Statement Summary (RM'000) Q1 '17 Q1 '16 Change (%) Revenue 524,851 436,015 20.37% Profit from operations (EBIT) 65,584 64,579 1.56% Finance Costs (35,180) (46,729) 24.71% Share of JVs (net of tax) 1,297 447 190.16% Share of associates (net of tax) (2,436) 356 -784.27% Profit before tax 29,26
Slide 5: Balance Sheet Summary
Balance Sheet Summary (RM'000) As at 31 Mar 2017 As at 31 Dec 2016 Current Assets 3,332,852 2,918,306 Current Liabilities 2,122,852 2,189,575 Current Ratio (times) 1.57 1.33 Total borrowings 3,433,297 2,940,351 Deposit, bank & cash balances (671,982) (722,157) Net debt 2,761,315 2,218,194 Share capi
Slide 6: Breakdown of Group Borrowings
Breakdown of Group Borrowings (RM'000) As at 31 Mar 2017 As at 31 Dec 2016 Short term 842,675 806,331 Long term 2,587,619 2,130,781 HP creditors 3,003 3,239 Total borrowings 3,433,297 2,940,351 Less: cash & bank balances 671,982 722,157 Net borrowings 2,761,315 2,218,194 Total equity 3,056,470 3,025
Slide 7: Quarterly Segmental Profit
Quarterly Segmental Profit (RM'000) Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q1 16 +/- Property Development & Investment ("Property") 67,315 90,435 70,459 236,437 50,139 67,315 (17,176) Engineering, Construction & Environment ("E&C") 1,137 1,831 7,027 1,587 1,254 1,137 117 Infrastructure 13,140 19,536 13,737 1
Slide 8: Property Development & Investment Review
Property Development & Investment Review • Revenue up 59% to RM242.5 million in Q1 2017 vs RM152.8 million in Q1 2016. • Profit down by 26% to RM50.1 million vs RM67.3 million in Q1 2016. The higher profit in 2016 was due to an asset disposal NU Tower 2 which contributed a profit of RM31 million. •
Slide 9: Property Sales Achieved – Cumulative and Q1 2017
Property Sales Achieved – Cumulative and Q1 2017 Cumulative Project / Sales (RM'mil) GDV % Sales up to Q1 '17 Q1 '17 Residential 9 Seputeh: -VIVO (Parcel C) 952 76% 720 14 -Parcel B 566 0% 0 0 Sentral Residences 1,400 89% 1,249 12 Bandar Seri Iskandar: -Begonia 2 20 60% 12 1 -Viscaria 16 0% 0 0 Carn
Slide 10: Property Estimated Revenue Recognition
Property Estimated Revenue Recognition Bal. to be Project / Revenue RM'mil Q1 2017 recognise 2017E 2018E Property Investment (Rental): Menara MRCB 1 0 2 0 Kompleks Sentral 1 0 7 7 Ascott Sentral 4 0 5 0 Nu Tower 2 6 0 0 0 Plaza Alam Sentral 5 0 24 25 Sooka 1 0 0 0 Penang Sentral (Bus Terminal & Reta
Slide 11: Total Property Developments Projects
Total Property Developments Projects Land Size GDV Start Completion (Acres) (RM ‘mil) Date Date Transport Oriented Developments KL Sentral: Sentral Residences 2.35 1,330 2011 2017 KL Sentral: Lot F 5.70 2,993 2018 2025 PJ Sentral Garden City 11.91 2,619 2013 2022 Penang Sentral 22.65 2,865 2015 2027
Slide 12: Engineering, Construction & Environment Review
Engineering, Construction & Environment Review • Revenue up 1% to RM231.2 million in Q1 2017 vs RM229.1 million in Q1 2016. • Profit up 10% to RM1.3 million in Q1 2017 vs RM1.1 million in Q1 2016 – the small profit was because most of E&C projects are of MRCB’s investment properties, whereby the pro
Slide 13: Construction Order Book
Construction Order Book RM'mil Contract Value Completion Recognized Unbilled Sales NPE Bridge 127 54.33% 69 58 LRT extension Ampang Pack B 1,110 97.12% 1,078 32 Johor Land Tower 188 48.40% 91 97 Aman Desaru 110 70.00% 77 33 Desaru Convention Centre 57 35.09% 20 37 Desa Desaru 215 29.77% 64 151 Westi
Slide 14: Construction Order Book (Cont'd)
Construction Order Book (Cont’d) Fee-based Orders RM'mil Contract Value Target Completion Recognized Unbilled Kwasa Utama - C8 (provisional TCC) 2,648 2027 0 2,648 Kwasa Utama, C8 - management contract 187 2027 0 187 PDP LRT3 270 2020 0 270 Kwasa Land - PDP Infra 112 TBD 0 112 Total new orders 3,217
Slide 15: Thank you
MCB Setting the Standard Thank you