MN Holdings Berhad (“MN Holdings” or the “Group”), a leading infrastructure utilities construction and engineering solutions specialist in Malaysia, announced a strong set of results for the first quarter ended 30 September 2025 (“Q1 FY2026”), with profit after tax (“PAT”) increased more than threefold to a record high of RM21.59 million versus RM7.04 million in Q1 FY2025.
Revenue for the quarter doubled to RM214.10 million compared to RM103.11 million a year earlier, driven primarily by accelerated project execution within the substation engineering division. The substation engineering segment remained the Group’s key growth engine, contributing RM189.04 million or 88% of total revenue, representing a 285% increase year-on-year (“YoY”). Revenue from the underground utilities engineering segment amounted to RM25.06 million, reflecting a stable contribution from ongoing utilities and tunnelling works.
In line with the stronger revenue base, profit before tax (“PBT”) rose 200% YoY to a new record high of RM29.65 million from RM9.89 million in Q1 FY2025. After normalising for non-operational items; including share-based expenses and impairment provisions, the Group’s adjusted PBT rose to RM32.82 million in 1Q FY2026 versus RM12.93 million in the same quarter last year.
Sequentially, the Group also delivered notable improvement. Revenue for Q1 FY2026 grew 19% quarter-on-quarter (“QoQ”) from RM179.42 million in Q4 FY2025, supported by stronger progress recognition across major substation projects. QoQ PBT rose 56% from RM19.05 million, reflecting improving margins and continued operational efficiency. On a normalised basis, adjusted PBT increased from RM28.77 million to RM32.82 million, demonstrating sustained upward momentum.
Dato’ Clement Toh, Managing Director of MN Holdings said, “Our solid performance this quarter demonstrates the depth of our project pipeline and the strong execution capabilities we have built over the years. The significant uplift from our substation engineering projects reflects our ability to deliver on increasingly complex high-value infrastructure works governed by national grid expansion needs.”
He added, “With data centres, renewable energy assets, and water-related infrastructure moving into new phases of development, demand for power cables, substation works, utilities installation and tunnelling continue to accelerate. Our growing scale, strengthened balance sheet, and multi-segment expertise position us well to capture these structural opportunities.”
Malaysia’s infrastructure outlook remains robust, supported by the Fourth Regulatory Period (“RP4”), Budget 2026’s RM81 billion development expenditure, and strong private-sector investments across hyperscale data centre construction, renewable energy, and water infrastructure upgrading. The rapid expansion of domestic data-centre capacity, with more than 6.7GW in contracted pipeline and over RM13–14 billion in new construction packages expected in 1H 2026 alone, continues to create sustained demand for MN Holdings’ specialised engineering capabilities.
As the Group progresses into FY2026, it remains focused on scaling operational capacity, improving project delivery efficiency, and strengthening its order book. MN Holdings is well-positioned to support Malaysia’s evolving utilities, energy, and data-centre infrastructure landscape, reinforcing its role as a key execution partner to both government-linked and private-sector developers.
