MN Holdings Berhad (“MN Holdings” or the “Group”), a leading infrastructure utilities construction and engineering solutions specialist in Malaysia, reported another quarter of strong financial performance for the third quarter ended 31 March 2026 (“Q3 FY2026”), with profit after tax (“PAT”) increasing by 28% year-on-year (“YoY”) to RM21.33 million from RM16.69 million in Q3 FY2025.
Revenue for the quarter rose by 57% YoY to RM200.07 million from RM127.42 million in Q3 FY2025, driven primarily by stronger contributions from the Group’s substation engineering segment. The segment contributed RM176.91 million or 88% of total revenue during the quarter, representing an increase of 82% from RM97.09 million recorded in Q3 FY2025. Meanwhile, the underground utilities engineering segment contributed RM23.17 million.
In tandem with the higher revenue base, profit before tax (“PBT”) increased by 41% YoY to RM31.94 million from RM22.62 million in the corresponding quarter last year. Inclusive in the current quarter was a net impairment loss on financial assets and contract assets of RM5.24 million, compared with a net reversal of impairment loss of RM1.20 million in Q3 FY2025.
After adjusting for these items, the Group’s normalised PBT stood at RM37.18 million, representing a 74% increase YoY. The strong earnings performance reflects accelerated execution of key projects, enhanced operational efficiency and the Group’s continued ability to scale its engineering capabilities.
For the nine months ended 31 March 2026 (“9M FY2026”), MN Holdings recorded cumulative revenue of RM657.72 million, representing an 85% increase from RM356.01 million in the corresponding period last year. Cumulative PBT rose 92% YoY to RM95.52 million from RM49.83 million, while PAT increased 87% YoY to RM68.10 million from RM36.42 million.
The strong cumulative performance was largely driven by the substation engineering segment, which contributed RM586.24 million or 89% of total revenue during the period.
Inclusive in 9M FY2026 and 9M FY2025 were share-based compensation expenses of RM1.37 million and RM1.22 million respectively, as well as net impairment losses on financial assets and contract assets of RM11.51 million and RM2.12 million respectively. After adjusting for these items, the Group’s normalised PBT increased by 104% YoY to RM108.40 million from RM53.17 million previously.
Dato’ Clement Toh, Managing Director of MN Holdings commented,
“Our performance in Q3 FY2026 reflects the continued execution of major substation engineering projects and the strength of our operational capabilities. Looking ahead, we remain encouraged by the demand outlook for power infrastructure, driven by ongoing investments in data centres, grid expansion, electrification and energy transition initiatives.
Supported by our order book of approximately RM1.75 billion, we remain focused on executing our projects efficiently while pursuing new opportunities that complement our technical expertise and long-term growth objectives.”
The Group’s balance sheet remains robust, with total equity increasing to RM357.85 million as at 31 March 2026, while cash and cash equivalents stood at RM280.34 million. This financial strength provides MN Holdings with the flexibility to support future growth opportunities while maintaining disciplined project execution.
For more information, visit https://mnholdings.com.my/
