MN Holdings Berhad (“MN Holdings” or the “Group”), a leading infrastructure utilities construction and engineering solutions specialist in Malaysia, today announced a strong financial performance for the financial year ended 30 June 2026 (“FYE2026”), with profit after tax (“PAT”) increasing 92% year-on-year (“YoY”) to RM92.47 million, from RM48.23 million in the preceding financial year (“FY2025”).
Revenue for FY2026 increased 61% YoY to RM869.19 million, compared with RM540.45 million in FY2025. The growth was mainly driven by the Group’s substation engineering segment, which recorded revenue of RM766.46 million, more than double the RM360.38 million recorded in FY2025. The segment accounted for approximately 88% of the Group’s total revenue for FY2026, while underground utilities engineering contributed the remaining 12%.
The Group’s profit before tax (“PBT”) increased 90% YoY to RM130.30 million, from RM68.50 million in FY2025, mainly attributable to the higher gross profit recorded during the financial year. Gross profit increased approximately 51% to RM174.83 million from RM115.43 million previously, partially offset by higher administrative expenses. The Group also recorded lower net impairment losses on financial assets and contract assets of RM9.50 million in FY2026, compared with RM14.02 million in FY2025.
After adjusting for one-off share-based compensation expenses and net impairment losses on financial assets and contract assets, MN Holdings recorded a normalised PBT of RM141.63 million for FY2026, representing a 69% increase from RM83.74 million in FY2025.
For the fourth quarter ended 30 June 2026 (“Q4 FY2026”), the Group recorded revenue of RM211.47 million, representing an 18% increase from RM179.42 million in the corresponding quarter last year (“Q4 FY2025”). PBT increased 83% YoY to RM34.77 million, while PAT more than doubled to RM24.37 million, representing an increase of 104% from RM11.94 million in Q4 FY2025.
The improved quarterly performance was mainly driven by the substation engineering segment, which recorded a 24% YoY increase in revenue to RM180.22 million, supported by higher work progress and increased project activities across several ongoing projects. The underground utilities engineering segment contributed RM31.25 million during the quarter.
The Group also recorded a net reversal of impairment losses on financial assets and contract assets of RM2.02 million in Q4 FY2026, compared with net impairment losses of RM9.72 million in Q4 FY2025. Excluding these impairment-related items, normalised PBT for Q4 FY2026 stood at RM32.75 million, representing an increase of approximately 14% from RM28.77 million in the corresponding quarter last year.
Dato’ Clement Toh, Managing Director of MN Holdings said, “FY2026 marked another year of growth for MN Holdings, supported by the continued progress and execution of our ongoing projects. The significant increase in contribution from our substation engineering segment reflects the higher level of project activities during the year, particularly as we continued to execute our portfolio of power infrastructure-related projects.”
He added, “Malaysia’s continued investment in power infrastructure, coupled with rising electricity requirements from data centres and high-tech industries, provides a supportive operating environment for the Group. At the same time, we continue to see opportunities across underground utilities and water infrastructure, which complement our established capabilities.”
As at 26 Aug 2026, the Group’s order book stood at approximately RM1.64 billion, supporting the Group’s project execution and revenue prospects over the coming financial years. The order book comprises projects across the Group’s key areas of expertise, including power infrastructure, data centre-related works, renewable energy, underground utilities and other infrastructure segments.
Early this month, MN Holdings further strengthened its corporate profile following the successful transfer of listing from the ACE Market to the Main Market of Bursa Malaysia Securities Berhad on 11 August 2026.
