MALAYSIAN RESOURCES CORPORATION BERHAD

Incorporated in Malaysia (196801000388 (7994-D))

UNAUDITED REPORT FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2023

A. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

3 MONTHS ENDED 12 MONTHS ENDED

(RM’000) Note 31.12.2023 31.12.2022 31.12.2023 31.12.2022
(unaudited) (audited) (unaudited) (audited)
Revenue 668,783 833,939 2,514,113 3,205,061
Expenses (746,972) (790,319) (2,489,299) (3,018,016)
Other operating income 13 178,628 19,418 209,760 60,783
Profit from operations 100,439 63,038 234,574 247,828
Finance costs (25,877) (27,109) (112,761) (99,057)
Share of results of associates 6,878 3,115 17,906 10,130
Share of results of joint ventures (1,715) (1,297) (5,470) (4,566)
Profit before tax 79,725 37,747 134,249 154,335
Taxation 15 352 (24,636) (33,163) (100,789)
Profit for the financial period 80,077 13,111 101,086 53,546

Other comprehensive income

for the financial period, net of tax:
Item that may be reclassified subsequently
to profit or loss
- currency translation differences (581) (377) (212) (82)

Item that may not be reclassified subsequent

to profit or loss
- actuarial gain on post-employment benefit
6,449 - 6,449 -
obligations

Total comprehensive income for the financial

85,945 12,734 107,323 53,464
period, net of tax

Profit for the financial period

attributable to:
Equity holders of the Company 80,230 13,017 101,031 64,848
Non-controlling interests (153) 94 55 (11,302)
80,077 13,111 101,086 53,546

Total comprehensive income

for the financial period attributable to:
Equity holders of the Company 86,098 12,640 107,268 64,766
Non-controlling interests (153) 94 55 (11,302)
85,945 12,734 107,323 53,464

Earnings per share attributable to the

ordinary equity holders of the Company (sen) 23
- Basic 1.80 0.29 2.26 1.45
- Diluted 1.80 0.29 2.26 1.45

The condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the Annual Financial
Report for the year ended 31 December 2022.

Page 1 of 19
MALAYSIAN RESOURCES CORPORATION BERHAD
Incorporated in Malaysia (196801000388 (7994-D))

UNAUDITED REPORT FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2023

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at As at
(RM’000) 31.12.2023 31.12.2022
(unaudited) (audited)
ASSETS

Non-current assets
Property, plant and equipment 680,936 699,151
Investment properties 1,082,901 1,534,900
Right-of-use assets 53,009 79,734
Inventories 2,328,368 2,026,405
Associates 471,928 458,092
Joint ventures 277,091 282,560
Long term loan and receivables 231,866 239,639
Amount due from joint ventures 33,413 80,793
Intangible assets 176,966 194,796
Deferred tax assets 111,994 85,240
5,448,472 5,681,310

Current assets
Inventories 510,449 785,196
Trade and other receivables 1,262,800 1,328,267
Amount due from associates and joint ventures 79,089 21,595
Contract assets 623,097 805,609
Lease receivables - 136
Tax recoverable 11,535 12,260
Financial assets at fair value through profit or loss 102,697 60,627
Deposits, cash and bank balances 972,010 533,640
3,561,677 3,547,330

TOTAL ASSETS 9,010,149 9,228,640

Page 2 of 19
MALAYSIAN RESOURCES CORPORATION BERHAD
Incorporated in Malaysia (196801000388 (7994-D))

UNAUDITED REPORT FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2023

B. CONSOLIDATED STATEMENT OF FINANCIAL POSITION (cont’d)

As at As at
(RM’000) 31.12.2023 31.12.2022
(unaudited) (audited)
EQUITY AND LIABILITIES

Equity attributable to equity holders of the Company

Share capital 4,356,106 4,356,106
Retained earnings 240,680 182,964
Other reserves (2,694) (7,897)
4,594,092 4,531,173
Non-controlling interests 5,594 5,539
Total equity 4,599,686 4,536,712

Non-current liabilities
Post-employment benefit obligations 11,086 17,780
Long term borrowings 1,490,512 1,215,946
Long term liabilities 408,245 386,962
Government grant 127,504 128,928
Deferred tax liabilities 50,830 62,841
Contract liabilities 140,258 140,258
Lease liabilities 27,201 41,032
Provision for restoration costs - 890
2,255,636 1,994,637

Current liabilities
Trade and other payables 1,773,344 1,765,046
Current tax liabilities 6,524 34,558
Short term borrowings 311,003 840,780
Contract liabilities 47,037 41,000
Lease liabilities 6,556 8,364
Other liabilities 9,403 7,543
Provision for restoration costs 960 -

2,154,827 2,697,291

Total liabilities 4,410,463 4,691,928

TOTAL EQUITY AND LIABILITIES 9,010,149 9,228,640

Net assets per share attributable to the equity holders

of the Company (sen) 102.8 101.4

The condensed Consolidated Statements of Financial Position should be read in conjunction with the Annual Financial Report
for the year ended 31 December 2022.

Page 3 of 19
MALAYSIAN RESOURCES CORPORATION BERHAD
Incorporated in Malaysia (196801000388 (7994-D))

UNAUDITED REPORT FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2023

C. CONSOLIDATED STATEMENT OF CASH FLOWS

12 MONTHS ENDED
(RM’000) 31.12.2023 31.12.2022
(unaudited) (audited)
Operating activities
Cash receipts from customers 3,033,346 3,044,590
Cash paid to suppliers and employees (2,501,035) (3,044,756)
Cash generated from/(used in) operations 532,311 (166)
Bank service charges paid (6,114) (4,401)
Net taxes paid (96,321) (76,339)
Net cash generated from/(used in) operating activities 429,876 (80,906)

Investing activities
Dividend received 20,834 25,723
Non-equity investments (24,985) 34,659
Proceeds from disposal of investment property 450,000 -
Acquisition of equity investment (25,927) -
Disposal of a subsidiary - (6,942)
Net cash generated from investing activities 419,922 53,440

Financing activities

Dividend paid to equity holders (44,675) (52,515)

Proceeds from borrowings 735,173 778,656
Repayment of borrowings (999,636) (654,721)
Finance costs paid (102,546) (88,227)
(Pledge)/withdrawal of restricted cash (32,631) 30,802
Net cash (used in)/generated from financing activities (444,315) 13,995

Net increase /(decrease) in cash and cash equivalent 405,483 (13,471)

Cash and cash equivalents at beginning of the financial period 465,598 479,863
Foreign currency translation difference on opening balance 256 (794)
Cash and cash equivalent at end of financial period 871,337 465,598

For the purpose of the consolidated statements of cash flows, the cash and cash equivalents comprised the following:

12 MONTHS ENDED
(RM’000) 31.12.2023 31.12.2022
(unaudited) (audited)

Bank balances and deposits 972,010 533,640

Less: Bank balances and deposits held as security value (100,673) (68,042)
871,337 465,598

The condensed Consolidated Statements of Cash Flows should be read in conjunction with the Annual Financial Report for the
year ended 31 December 2022.

Page 4 of 19
MALAYSIAN RESOURCES CORPORATION BERHAD
Incorporated in Malaysia (196801000388 (7994-D))

UNAUDITED REPORT FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2023

D. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY

Non-
Share Other Retained controlling
(RM’000) Capital Reserves Earnings Total Interests Total Equity

As at 1 January 2023 4,356,106 (7,897) 182,964 4,531,173 5,539 4,536,712

Comprehensive income
Profit for the financial period - - 101,031 101,031 55 101,086

Other comprehensive income/(loss)

Currency translation differences - (212) - (212) - (212)
Post-employment benefit obligations - (1,360) 1,360 - - -
Actuarial gain on post-employment benefit
- 6,449 - 6,449 - 6,449
obligations

Total comprehensive income - 4,877 102,391 107,268 55 107,323

Transactions with owners

Acquisition of equity interest in a subsidiary - - - - 0 0
Deconsolidation of a foreign subsidiary - 326 - 326 - 326
Dividends paid for financial year ended
- 31 December 2022 - - (44,675) (44,675) - (44,675)

Total transactions with owners - 326 (44,675) (44,349) 0 (44,349)

As at 31 December 2023 (unaudited) 4,356,106 (2,694) 240,680 4,594,092 5,594 4,599,686

OTHER RESERVES

Currency Retirement
Other Translation Benefit
(RM’000) Reserves Reserves Reserves Total
As at 1 January 2023 1,666 128 (9,691) (7,897)

Other comprehensive income/(loss)

Currency translation differences - (212) - (212)
Post-employment benefit obligations - - (1,360) (1,360)
Actuarial gain on post-employment benefit
- - 6,449 6,449
obligations

Total comprehensive income/(loss) - (212) 5,089 4,877

Transaction with owners

Deconsolidation of a foreign subsidiary - 326 - 326

1,666 242 (4,602) (2,694)

As at 31 December 2023 (unaudited)

Page 5 of 19
MALAYSIAN RESOURCES CORPORATION BERHAD
Incorporated in Malaysia (196801000388 (7994-D))

UNAUDITED REPORT FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2023

D. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (cont’d)

ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY

Non-
Share Other Retained controlling
(RM’000) Capital Reserves Earnings Total Interests Total Equity
As at 1 January 2022 4,356,106 (3,958) 160,529 4,512,677 27,813 4,540,490

Comprehensive income/(loss)
Profit/(loss) for the financial year - - 64,848 64,848 (11,302) 53,546

Other comprehensive income/(loss)

Currency translation differences - (82) - (82) - (82)
Post-employment benefits obligation - (3,857) 3,857 - - -

Total comprehensive income/(loss) - (3,939) 68,705 64,766 (11,302) 53,464

Transactions with owners

Acquisition of additional equity interest in

- - (1,595) (1,595) 1,595 -
subsidiaries
Disposal of equity in a subsidiary - - - - (4,727) (4,727)
Dividends paid for financial year ended
- 31 December 2021 - - (44,675) (44,675) (7,840) (52,515)

Total transactions with owners - - (46,270) (46,270) (10,972) (57,242)

As at 31 December 2022 (audited) 4,356,106 (7,897) 182,964 4,531,173 5,539 4,536,712

OTHER RESERVES

Currency Retirement
Other Translation Benefit
(RM’000) Reserves Reserves Reserves Total
As at 1 January 2022 1,666 210 (5,834) (3,958)

Other comprehensive loss

Currency translation differences - (82) - (82)
Post-employment benefit obligations - - (3,857) (3,857)

Total comprehensive loss - (82) (3,857) (3,939)

1,666 128 (9,691) (7,897)

As at 31 December 2022 (audited)

The condensed Consolidated Statement of Changes in Equity should be read in conjunction with the Annual Financial Report
for the year ended 31 December 2022.

Page 6 of 19
MALAYSIAN RESOURCES CORPORATION BERHAD
Incorporated in Malaysia (196801000388 (7994-D))

UNAUDITED REPORT FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2023

E. NOTES TO THE REPORT

1. BASIS OF PREPARATION

This unaudited quarterly financial report has been prepared in accordance with Malaysian Financial Reporting
Standards (“MFRS”) 134, Interim Financial Reporting, Paragraph 9.22 of the Listing Requirements of Bursa
Malaysia Securities Berhad and should be read in conjunction with the Group’s financial statements for the
financial year ended 31 December 2023.

Below are the applicable new standards and amendments to standards and interpretations which came into
effect in the financial year beginning on 1 January 2023:

(1) MFRS 17 ‘Insurance Contract’

(2) Amendments to MFRS 17 ‘Insurance Contract’
(3) Amendments to MFRS 108 ‘Definition of Accounting Estimates’
(4) Amendments to MFRS 101 and MFRS Practice Statement 2 ‘Disclosure of accounting policies’
(5) Amendments to MFRS 112 ‘Deferred Tax related to Assets and Liabilities arising from a Single
Transaction’
(6) Initial application of MFRS 17 and MFRS 9 – Comparative Information (Amendments to MFRS 17)

The adoption of the above Amendments into the MFRSs did not have any significant effect on the consolidated
financial statements of the Group.

2. AUDIT REPORT OF THE PRECEDING ANNUAL FINANCIAL STATEMENTS

The audit report of the Group’s preceding annual financial statements was not subject to any qualification.

3. SEASONAL OR CYCLICAL FLUCTUATIONS

The businesses of the Group were not materially affected by any seasonal or cyclical fluctuations during the
financial quarter under review.

4. ITEMS OF UNUSUAL NATURE, SIZE OR INCIDENCE

(a) On 25 July 2023, the Company’s wholly owned subsidiary, Puncak Wangi Sdn Bhd entered into a
conditional sale and purchase agreement with Maybank Trustees Berhad ("MTB") acting solely in the
capacity as the trustee of Sentral REIT, in relation to the Proposed Disposal of an office tower known as
‘Menara CelcomDigi’ erected on the piece of leasehold land held under the land title HSD 277413, Lot
No. PT 11 Section 52, Town of Petaling Jaya, District of Petaling, Selangor, Malaysia for a cash
consideration of RM450 million (“Proposed Disposal Menara CelcomDigi”).

The Proposed Disposal Menara CelcomDigi was completed on 11 December 2023.

(b) On 22 December 2023, P.J Sentral Development Sdn Bhd (“PJSD”), a wholly owned subsidiary of the
Company, entered into a sale and purchase agreement with Perbadanan Kemajuan Negeri Selangor in
relation to the Proposed Acquisition of development rights of Tower 2 in the PJ Sentral development for
a cash consideration of RM270 million.

(c) On 22 December 2023, the Company’s wholly owned subsidiary, MRCB Sentral Properties Sdn Bhd
entered into a sale and purchase agreement with Perbadanan Kemajuan Negeri Selangor for the
proposed disposal of Plaza Alam Sentral and the adjoining land for a cash consideration of RM178 million.

Save as disclosed above, there were no other items of an unusual nature, size or incidence affecting the
assets, liabilities, equity, net income or cash flows in the financial quarter under review.

Page 7 of 19
MALAYSIAN RESOURCES CORPORATION BERHAD
Incorporated in Malaysia (196801000388 (7994-D))

UNAUDITED REPORT FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2023

E. NOTES TO THE REPORT (cont’d)

5. MATERIAL CHANGES IN ESTIMATES OF AMOUNTS REPORTED

There were no changes in estimates of amounts reported in the prior financial year that would have a material
effect on the results of the financial quarter under review.

6. CHANGES IN DEBT AND EQUITY SECURITIES

There were no issuances, cancellations, repurchases, and resales of shares by the Company during the
financial quarter under review.

7. DIVIDENDS

The Directors approved and declared a first and final single tiered dividend in respect of the financial year
ended 31 December 2023 of 1.00 sen per ordinary share, totaling approximately RM44.7 million. The payment
will be made on 20 May 2024.

Page 8 of 19
MALAYSIAN RESOURCES CORPORATION BERHAD
Incorporated in Malaysia (196801000388 (7994-D))

UNAUDITED REPORT FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2023

E. NOTES TO THE REPORT (cont’d)

8. SEGMENTAL REPORTING

Property Engineering, Facilities

Development Construction Management
(RM’000) & Investment & Environment & Parking Others Total
12 months ended 31.12.2023

Total revenue 719,078 1,896,698 65,049 382,019 3,062,844

Inter-segment revenue (7,200) (160,080) (13,799) (367,652) (548,731)
External revenue 711,878 1,736,618 51,250 14,367 2,514,113

Segment profit/(loss) 148,845 87,342 (2,366) (8,782) 225,039

Unallocated corporate expenses (13,062)

Finance income 22,597

Finance costs (112,761)

Share of results of associates and joint ventures 12,437 (1) - - 12,436

Profit before tax 134,249

Page 9 of 19
MALAYSIAN RESOURCES CORPORATION BERHAD
Incorporated in Malaysia (196801000388 (7994-D))

UNAUDITED REPORT FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2023

E. NOTES TO THE REPORT (cont’d)

8. SEGMENTAL REPORTING (cont’d)

Property Engineering, Facilities

Development Construction Management
(RM’000) & Investment & Environment & Parking Others Total
12 months ended 31.12.2022

Total revenue 967,193 2,655,043 55,489 237,625 3,915,350

Inter-segment revenue (52,548) (421,441) (9,080) (227,220) (710,289)
External revenue 914,645 2,233,602 46,409 10,405 3,205,061

Segment profit/(loss) 176,650 69,920 (515) (5,404) 240,651

Unallocated corporate expenses (11,088)

Finance income 18,266

Finance costs (99,057)

Share of results of associates and joint ventures 9,491 (3,928) - - 5,563

Profit before tax 154,335

Page 10 of 19
MALAYSIAN RESOURCES CORPORATION BERHAD
Incorporated in Malaysia (196801000388 (7994-D))

UNAUDITED REPORT FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2023

E. NOTES TO THE REPORT (cont’d)

9. VALUATIONS OF PROPERTY, PLANT & EQUIPMENT

The Group’s property, plant and equipment are stated at cost less accumulated depreciation and accumulated
impairment losses, if any.

10. MATERIAL EVENTS SUBSEQUENT TO THE FINANCIAL PERIOD

There was no material event subsequent to the end of the financial quarter ended 31 December 2023 that has
not been reflected in this report.

11. CHANGES IN THE COMPOSITION OF THE GROUP

There were no material changes in the composition of the Group in the financial quarter under review.

12. CONTINGENT LIABILITIES OR CONTINGENT ASSETS

As at As at
(RM’000) 31.12.2023 31.12.2022
Performance guarantees extended to third parties * 961,159 963,215

 Included in the performance guarantees extended to third parties is an amount of RM31.3 million that had
been called on previously by third parties. The Group has instituted injunction proceedings against the
third parties. In the Financial Year 2019, the Group and the third parties entered into a Dispute Resolution
Agreement whereby the third parties agreed to an interim injunction to preserve the status quo of the
performance guarantees pending determination of the dispute between the parties via Arbitration. The
Arbitration process commenced in the Financial Year 2021. On this basis, the performance guarantees
have not been provided for in the financial statements.

There were no material contingent assets to be disclosed.

13. OTHER OPERATING INCOME

Included in the other operating income for the financial quarter under review were the following:

(a) RM59.5 million in relation to the Proposed Disposal Menara CelcomDigi by Puncak Wangi Sdn Bhd (Note
4(a)); and

(b) RM107.7 million from the disposal of Plaza Alam Sentral and its adjoining land by MRCB Sentral
Properties Sdn Bhd (Note 4(c)).

Page 11 of 19
MALAYSIAN RESOURCES CORPORATION BERHAD
Incorporated in Malaysia (196801000388 (7994-D))

UNAUDITED REPORT FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2023

E. NOTES TO THE REPORT (cont’d)

14. PROFIT/(LOSS) FROM OPERATIONS

Profit from operations was arrived at after (charging)/crediting:

3 MONTHS ENDED 12 MONTHS ENDED

(RM’000) 31.12.2023 31.12.2022 31.12.2023 31.12.2022
Depreciation of:
- investment properties (3,132) (3,144) (13,009) (12,382)
- property, plant and equipment (9,192) (7,885) (30,533) (29,346)

(Amortisation)/recognition of:
- order book (2,751) (831) (6,234) (6,450)
- right-of-use assets (4,474) (4,873) (17,966) (12,001)
- government grant 355 284 1,423 1,136
- patent (246) (248) (980) (1,165)

15. TAXATION

3 MONTHS ENDED 12 MONTHS ENDED

(RM’000) 31.12.2023 31.12.2022 31.12.2023 31.12.2022
In Malaysia
Current tax (9,817) (22,009) (71,985) (92,123)
Real property gains tax (457) (16) (489) (16)
(Under)/over provision in prior years 316 (3,291) 1,045 (3,919)
Deferred tax 10,577 5,388 36,533 4,046
619 (19,928) (34,896) (92,012)
Foreign
Current tax 2,084 (2,883) (132) (2,890)
Over provision in prior years (408) 10,074 (399) (657)
Deferred tax (1,944) (11,899) 2,264 (5,230)
(267) (4,708) 1,733 (8,777)

352 (24,636) (33,163) (100,789)

The dividend income received from the Group’s associate, Sentral REIT is taxable. The computation of the tax
for the financial quarter under review has been accounted for accordingly.

The deferred tax was mainly due to the net impact of non-deductible temporary differences, as well as the
recognition of unabsorbed tax losses and deductible timing differences as deferred tax assets.

16. CORPORATE PROPOSALS

There were no corporate proposals announced that are yet to be completed at the date of this report.

Page 12 of 19
MALAYSIAN RESOURCES CORPORATION BERHAD
Incorporated in Malaysia (196801000388 (7994-D))

UNAUDITED REPORT FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2023

E. NOTES TO THE REPORT (cont’d)

17. GROUP BORROWINGS

The tenure of the Group borrowings classified as long and short term were as follows:

(RM’000) Long term Short term Total

As at 31.12.2023
Secured 1,490,512 161,003 1,651,515
Unsecured - 150,000 150,000
1,490,512 311,003 1,801,515
As at 31.12.2022
Secured 1,215,946 690,780 1,906,726
Unsecured - 150,000 150,000
1,215,946 840,780 2,056,726

The net decrease of RM255.2 million in the Group’s borrowing compared to 31 December 2022 was mainly
due to repayment of two Sukuk Murabahah of RM200.0 million on 14 April 2023 and RM250.0 million on 14
August 2023. The repayments were funded from the proceeds of the issuance of Sukuk Murabahah of
RM450.0 million on 28 February 2023. In addition, further drawdowns and repayments of project financing
were made according to the progress of the Group’s projects.

As at 31 December 2023, the borrowings consisted of:

Secured term loans

(a) Financing facility of RM58.2 million for the Group’s working capital;

(b) Sukuk Murabahah Program totaling RM1,411.2 million, comprising RM1,400.0 million principal and
RM11.2 million accrued profits, for the Group’s working capital; and

(c) Other project loans of RM182.0 million for the Group’s on-going property developments and construction
projects.

Unsecured short-term loans

(d) Short term borrowings of RM150.0 million for the Group’s working capital.

The Group’s borrowings as at 31 December 2023 were denominated in Ringgit Malaysia. The weighted
average interest rate as at 31 December 2023 was 4.72% per annum (31 December 2022: 4.61%).

The Group’s Net Gearing as at 31 December 2023 was 0.16 times (31 December 2022: 0.32 times).

18. MATERIAL LITIGATION

There was no material litigation arising from the Group’s operational transactions as at the date of this report.

Page 13 of 19
MALAYSIAN RESOURCES CORPORATION BERHAD
Incorporated in Malaysia (196801000388 (7994-D))

UNAUDITED REPORT FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2023

E. NOTES TO THE REPORT (cont’d)

19. FINANCIAL REVIEW FOR CURRENT QUARTER AND FINANCIAL YEAR TO DATE

INDIVIDUAL QUARTER CUMULATIVE QUARTER

3 MONTHS ENDED VARIANCE 12 MONTHS ENDED VARIANCE
(RM’000) 31.12.2023 31.12.2022 (Value / %) 31.12.2023 31.12.2022 (Value / %)
(165,156)/ (690,948)/
Revenue 668,783 833,939
(20%)
2,514,113 3,205,061
(22%)
37,401/ (13,254)/
Operating profit 100,439 63,038
59%
234,574 247,828
(5%)
(17,585)/
Profit before interest and tax 94,873 55,911 38,962/ 211,977 229,563
70% (8%)
41,978/ (20,086)/
Profit before tax 79,725 37,747
111%
134,249 154,335
(13%)
66,966/ 47,540/
Profit after tax 80,077 13,111
511%
101,086 53,546
89%
Total profit attributable to
67,213/ 36,183/
equity holders of the 80,230 13,017
516%
101,031 64,849
56%
Company

The Group recorded revenue of RM2,514.1 million and profit before tax of RM134.2 million in the year ended
31 December 2023, a reduction of 22% and 13% respectively, compared to the corresponding period in 2022.
However, the Group recorded a profit after tax of RM101.1 million, an increase of 89% compared to the
corresponding year in 2022.

The decline in revenue was due to lower contributions from both the Property Development & Investment
Division and Engineering, Construction & Environment Division, after the completion of three major
infrastructure construction projects in 2022, and the completion of two major property development projects by
the Property Development & Investment Division in the first half of 2023, despite strong residential property
sales in 2023, which grew 74% to RM831.3 million over the corresponding period in 2022.

Profit Before Tax however rose 111% in the 4th Quarter of 2023 compared to the corresponding quarter in 2022,
and 327% compared to the preceding quarter in 2023 following the disposal of Menara CelcomDigi and the
disposal of Plaza Alam Sentral as set out in Note 13. As the disposal of Menara CelcomDigi was to Sentral
REIT and was tax-exempted, this also resulted in a 89% improvement in profit after tax in the year ended 31
December 2023, compared to the corresponding period in 2022.

The profit contribution from the Engineering, Construction & Environment Division rose 25% in the year ended
31 December 2023 to RM87.3 million, compared to the preceding year 2022, largely due to the LRT3 rail
project, which achieved physical construction progress of 92% and financial progress of 88% as of 31
December 2023.

The Group’s 27.94% equity owned Sentral REIT and associated company, Sentral REIT Management Sdn Bhd
(“SRM”), contributed a combined profit after tax of RM18.8 million in financial year ended 31 December 2023
compared with RM14.9 million in the preceding year in 2022.

Page 14 of 19
MALAYSIAN RESOURCES CORPORATION BERHAD
Incorporated in Malaysia (196801000388 (7994-D))

UNAUDITED REPORT FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2023

E. NOTES TO THE REPORT (cont’d)

19. FINANCIAL REVIEW FOR CURRENT QUARTER AND FINANCIAL YEAR TO DATE (cont’d)

Segmental Breakdown of Revenue & Profit/(Loss) – Note 8*

3 MONTHS ENDED 12 MONTHS ENDED

(RM’000) 31.12.2023 31.12.2022 31.12.2023 31.12.2022
Revenue
Property development & investment 252,364 261,111 711,878 914,645
Engineering, construction & environment 398,651 558,699 1,736,618 2,233,602
Facilities management & parking 14,076 13,040 51,250 46,409
Others 3,692 1,089 14,367 10,405
668,783 833,939 2,514,113 3,205,061

3 MONTHS ENDED 12 MONTHS ENDED

(RM’000) 31.12.2023 31.12.2022 31.12.2023 31.12.2022
Profit/(loss)
Property development & investment 113,156 52,020 148,845 176,650
Engineering, construction & environment (303) 8,658 87,342 69,920
Facilities management & parking 896 (475) (2,366) (515)
Others (13,827) (1,406) (8,782) (5,404)
99,922 58,797 225,039 240,651

* Profit/(loss) before unallocated corporate expenses, finance costs and income and share of associates &
joint ventures results.

The revenue and profit of the Group was mainly attributable to the two core operating segments below:

(i) Property Development & Investment

The Property Development & Investment Division recorded a 22% decline in revenue to RM711.9 million
and a 16% decline in operating profit to RM148.8 million for the year ended 31 December 2023, compared
to the preceding financial year in 2022. The decline was due to the construction completion of the Sentral
Suites development project in KL Sentral in March 2023 and the TRIA 9 Seputeh mixed residential
development project in Jalan Klang Lama in May 2023, despite strong residential property sales in 2023,
which grew 74% to RM831.3 million over the corresponding period in 2022.

The main revenue contributors were the Sentral Suites development, TRIA 9 Seputeh, Alstonia in Bukit
Rahman Putra and rental income from the Group’s investment properties, such as Menara CelcomDigi in
PJ Sentral Garden City, prior to its disposal in December 2023.

The 118% higher Operating Profit of RM113.2 million recorded in the 4th quarter of 2023, compared to the
corresponding quarter in 2022 was mainly contributed by Other Operating Income derived from the
disposals of Menara CelcomDigi and Plaza Alam Sentral.

The Group’s investment holding in Sentral REIT and SRM contributed a combined profit after tax of
RM18.8 million to the Group compared to RM14.9 million in the preceding year of 2022.

Page 15 of 19
MALAYSIAN RESOURCES CORPORATION BERHAD
Incorporated in Malaysia (196801000388 (7994-D))

UNAUDITED REPORT FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2023

E. NOTES TO THE REPORT (cont’d)

19. FINANCIAL REVIEW FOR CURRENT QUARTER AND FINANCIAL YEAR TO DATE (cont’d)

(ii) Engineering, Construction & Environment

The Engineering, Construction & Environment Division recorded revenue of RM1,736.6 million in the year
ended 31 December 2023, a 22% decline compared to RM2,233.6 million in the preceding year. The
lower revenue recorded in 2023 was due to the completion of the Damansara-Shah Alam Elevated
Highway Package CB2, Kwasa Utama C8 and Mass Rapid Transit 2 Package V210 infrastructure
construction projects in 2022.

Operating profit rose 25% to RM87.3 million in the year ended 31 December 2023 compared to the
corresponding period in 2022, largely contributed by the LRT3 project which achieved physical
construction progress of 92% and financial progress of 88% as of 31 December 2023.

20. FINANCIAL REVIEW FOR THE QUARTER UNDER REVIEW COMPARED WITH THE IMMEDIATE
PRECEDING QUARTER

IMMEDIATE
CURRENT PRECEDING VARIANCE
QUARTER QUARTER (Value / %)
(RM’000) 31.12.2023 30.9.2023
Revenue 668,783 503,742 165,041 / 33%
Operating profit 100,439 46,306 54,133 / 117%
Profit before interest and tax 94,873 40,644 54,229 / 133%
Profit before tax 79,725 18,675 61,050 / 327%
Profit after tax 80,077 1,500 78,577 / 5,238%
Total profit attributable to equity holders
80,230 1,460 78,770 / 5,395%
of the Company

In the 4th quarter ended 31 December 2023, the Group recorded a revenue and profit before taxation of
RM668.8 million and RM79.7 million, respectively, representing an increase of 33% in revenue and a 327%
increase in profit before tax compared to the preceding quarter ended 30 September 2023.

The improved results were due to the disposal of Menara CelcomDigi and Plaza Alam Sentral as disclosed in
Note 13 above.

Page 16 of 19
MALAYSIAN RESOURCES CORPORATION BERHAD
Incorporated in Malaysia (196801000388 (7994-D))

UNAUDITED REPORT FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2023

E. NOTES TO THE REPORT (cont’d)

21. PROSPECTS

The Group’s major source of revenue and operating profits come from its Property Development & Investment
and Engineering, Construction & Environment divisions.

(i) Property Development & Investment

As of 31 December 2023, the Group’s Property Development & Investment Division sold RM831.3 million
worth of properties from its completed and on-going developments.

Of the Group’s residential projects currently in development, Alstonia in Bukit Rahman Putra (GDV:
RM248 million) achieved a sales rate of 65% and VISTA in Gold Coast, Australia (GDV: AUD504 million),
a sales rate of 14%.The Division will continue to focus its marketing efforts on the above residential
development projects, as well as the remaining completed unsold units in TRIA 9 Seputeh development
(completed in May 2023), Sentral Suites development (completed in April 2023), VIVO Residences in 9
Seputeh and Kalista Park Homes in Bukit Rahman Putra.

Of the Group’s completed residential developments, as of 31 December 2023, TRIA in 9 Seputeh

achieved sales rate of 83%, Sentral Suites in KL Sentral 94%, VIVO Residences in 9 Seputeh 90% and
Kalista in Bukit Rahman Putra 94%.

Revenue and operating profit in the Property Development & Investment Division will continue to be
progressively recognised in line with construction progress and from the sale of completed units in 2024.
Alstonia reached 87% construction progress and will continue to contribute to the Division’s revenue and
profits as construction and sales progress in 2024.

Of the Company’s newly launched developments, VISTA, a 51-storey residential development in Gold
Coast, Australia was launched in 2023 and comprises of 280 apartment units, with construction expected
to begin in 2024. As of 31 December 2023, 64 units had been sold. Nevertheless, revenue and profits will
only be recognised after all the units have been constructed and the units sold achieve financial settlement
with the buyers. Other newly launched projects include Residensi Tujuh in Kwasa Sentral, a 573-unit
residential development launched in September 2023, which is currently being marketed and has already
achieved sales & purchases agreement signings, pending stamping. The Company’s Ipoh Raya
Integrated Park in Perak, a 6-phase 810.57-acre integrated logistics/industrial park, continues to be
actively marketed to large multi-national corporations looking to locate their manufacturing and logistics
operations in Malaysia.

The Group will also begin development of The Symphony Centre, its maiden project in New Zealand
featuring a 21-storey mixed development with a GDV of NZD452 million and the refurbishment of Bledisloe
House, situated adjacent to the development location of The Symphony Centre, with a GDV of NZD137
million in 2024 and early 2025 respectively. In addition to the NZD589 million or RM1.7 billion worth of
projects due to be launched in Auckland, New Zealand, other property launches planned in 2024 include
Parcel A of 9 Seputeh with a GDV of RM400 million, Phase 1 of Bukit Jalil Sentral with a GDV of RM900
million, and an office tower in KL Sentral with a GDV of RM 1 billion. In total, the Group has approximately
RM4 billion worth of properties earmarked for launch in 2024, which will underpin a new growth cycle for
the Group.

The Company’s immediate priorities moving forward remain on enhancing cashflow by monetising its
unsold completed stock, which stood at RM384.8 million on 31 December 2023.

Page 17 of 19
MALAYSIAN RESOURCES CORPORATION BERHAD
Incorporated in Malaysia (196801000388 (7994-D))

UNAUDITED REPORT FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2023

E. NOTES TO THE REPORT (cont’d)

21. PROSPECTS (cont’d)

(i) Property Development & Investment (cont’d)

With interests in 1,148 acres of land with a GDV of RM31 billion, the Group has a sustainable supply of
long-term land for future projects. The Division had cumulative unbilled sales of RM234.9 million as of 31
December 2023, which will be recognised progressively over the construction period of the development
projects for Alstonia and Lilium. VISTA, will only contribute to revenue and operating profit upon physical
completion and after all the units sold achieve financial settlement with the purchasers.

Construction Progress Unbilled Sales

On-going Property Development Projects (%) (RM’Mil)
Alstonia, Bukit Rahman Putra 87% 15.4
Lilium, SIDEC 85% 5.9
VISTA, Gold Coast 0% 213.6
TOTAL 234.9

The Division will also continue to earn a relatively stable income stream from its remaining investment
properties, as well as its 27.94% equity interest in Sentral REIT.

(ii) Engineering, Construction & Environment

The Engineering, Construction & Environment Division continues to actively tender for more large
infrastructure contracting projects to replenish its order book, especially climate change adaptation
infrastructure projects (flood mitigation). The Division’s open tenderbook currently stands at RM30 billion.
The tenderbook does exclude project tenders and proposals already won but where project values have
yet to be established, such as the redevelopment of Stadium Shah Alam and KL Sentral Station. The
Division also continues to actively tender for other large infrastructure projects, prioritising climate change
adaptation infrastructure projects, like flood mitigation.

As of 31 December 2023, the external client order book stood at RM26.1 billion, while the unbilled portion
was RM15.7 billion. These new long-term construction projects will provide the Division with a steady flow
of revenues to sustain its business over the longer term, as well its current on-going projects like the LRT3
rail project, the first phase of which is on track to be completed by the end of 2024 and the RM380 million
Muara Sg Pahang Phase 3 flood mitigation construction project.

Contract Value Financial Progress

Major Construction Projects (RM’Mil) (%)
LRT 3 11,427 88%
Bukit Jalil Sentral 10,957 0%
Kwasa Utama C8 2,612 0%*
Muara Sg. Pahang Phase 3 (Package 3) 380 24%
SUKE (Package CA2) 317 90%
Others 423
Total 26,116

* Refers only to the portion not yet awarded.

22. VARIANCE ON FORECAST PROFIT/PROFIT GUARANTEE

Not applicable.

Page 18 of 19
MALAYSIAN RESOURCES CORPORATION BERHAD
Incorporated in Malaysia (196801000388 (7994-D))

UNAUDITED REPORT FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2023

E. NOTES TO THE REPORT (cont’d)

23. EARNINGS PER SHARE (EPS)

Basic EPS

The basic EPS is calculated by dividing the net profit in the financial year by the weighted average number of
shares in issue during the financial year.

3 MONTHS ENDED 12 MONTHS ENDED

31.12.2023 31.12.2022 31.12.2023 31.12.2022
Net profit for the financial period attributable
to the owners of the parent (RM’000) 80,230 13,017 101,031 64,848

Weighted average number of ordinary

4,467,510 4,467,510 4,467,510 4,467,510
shares in issue (‘000)

Basic EPS (sen) 1.80 0.29 2.26 1.45

Diluted EPS

The diluted EPS is calculated by dividing the net profit in the financial year by the adjusted weighted average
number of shares in issue during the financial year.

3 MONTHS ENDED 12 MONTHS ENDED

31.12.2023 31.12.2022 31.12.2023 31.12.2022
Net profit for the financial period attributable
to the owners of the parent (RM’000) 80,230 13,017 101,031 64,848

Weighted average number of ordinary

4,467,510 4,467,510 4,467,510 4,467,510
shares in issue (‘000)
- Adjustment for warrants B (‘000) - - - -
Adjusted weighted average number of
4,467,510 4,467,510 4,467,510 4,467,510
ordinary shares in issue (‘000)

Diluted EPS (sen) 1.80 0.29 2.26 1.45

Warrants B were not included in the calculation for the period under review because the fair value of the issued
ordinary shares as of 31 December 2023 were lower than warrant B’s exercise price. Accordingly, there is no
bonus element in the outstanding shares for the purpose of computing the dilution.

Kuala Lumpur By Order of the Board

29 February 2024

Mohd Noor Rahim Yahaya

Company Secretary

Page 19 of 19