MENANG 1694 Share Price

For the financial year ended 30 June 2024, the group’s profit before tax has increased by RM11.87 or 36.17% to RM44.69 million. These improvement were driven by Recognition of an income (RM2.01 million) from Jabatan Kastam Diraja Malaysia (“JKDM”). The group has claimed back the overcharged amount by JKDM during the GST audit in Year 2020, in the current year. Adjustment made (RM10.22 million) to reverse the over accrued liability in current year and Reduction in finance costs (RM2.55 million), following scheduled loan repayments for the Group’s existing loans. Looking ahead, the Group will be actively pursuing transformative opportunities while concurrently strengthening its financial position through the expansion of its capital base and the reduction of borrowings.

Despite the decrease in revenue by RM1.13 million, the Group recorded higher profit from operations, profit before tax and profit after tax as compared to the preceding quarter by RM 0.81 million, RM0.71 million and RM 0.71 million respectively. This was mainly due to the proactive measures undertook by the management to reduce the overall operating costs in the current quarter and the impact from one-off repair and maintenance costs (RM0.74 million) incurred in the preceding quarter.

The profit before interest and tax decreased by RM1.74 million mainly due to the receipt of late payment interest (RM1.54 million) from Lembaga Lebuhraya Malaysia in respect to the compulsory acquisition of Klang Land by government in preceding quarter.

The RM6.07 million improvement over the previous year profit of RM8.84 million was mainly due to lower overall group expenses and finance costs. Under its new corporate stewardship in the second half of the financial year, the Group has transformed its organisation structure and business landscape. We foresee great business opportunities ahead for the group and are confident of growing the group on an upward trajectory given the Government’s anticipated push to prime pump the economy post Covid-19.

The Group operating profit decreased by RM1.05 million from preceding quarter mainly due to quit rent and assessment of RM0.87 million and adjustments of GST expenses of RM0.38 million. In addition thereto, lower interest cost savings of RM0.36 million caused the profit before tax to decrease by RM0.62 million. The profit after tax decreased by RM1.13 million due to additional deferred tax of RM0.44 million.

The Group recorded a loss before tax of RM2.76 million for the current quarter as compared to profit before tax of RM1.8 million in the preceding quarter.The Group’s continuing operations’ operating profit, profit before interest and tax and (loss)/profit before tax decreased due to provisions made for goods and services tax. The Group’s lower loss after tax was due mainly to reversal of deferred tax.

The Group’s continuing operations recorded a lower loss before tax of RM3.137 million in current quarter as compared to preceding quarter of RM4.904 million mainly due to some one-off expenses incurred in preceding quarter.