Latest news with #RM348mil
The Star
11-07-2025
- Business
- The Star
MRCB forms joint venture for RM6.25bil Ipoh transit project
Artist's impression of the bus terminal planned for Ipoh Sentral. — Courtesy of MRCB PETALING JAYA: Malaysian Resources Corp Bhd (MRCB), through its wholly owned subsidiary Country Annexe Sdn Bhd (CASB), has entered into a joint venture development agreement with Ipoh Sentral Sdn Bhd (ISSB) to undertake the proposed Ipoh Sentral project in Ipoh, Perak. In a filing with Bursa Malaysia, MRCB said the agreement formalises the collaboration for a proposed mixed-use development based on a transit-oriented development (TOD) model on two parcels of leasehold land. The lands, which span a combined 296,727 sq mt, are currently in the process of being transferred from Railway Assets Corporation to its wholly owned subsidiary, Railway Assets Holding Sdn Bhd. Under the agreement, CASB will take on the role of master developer, commencing with the planning and design works for submission to the authorities for the masterplan development order. The project, excluding a designated cultural zone, carries an estimated gross development value of RM6.25bil and a gross development cost of RM5.62bil. As part of the agreement, CASB will pay ISSB a consideration of up to RM348mil, which includes a guaranteed minimum of RM198mil. The payment will be made through a mix of cash and in-kind assets over a 20-year development period. MRCB said the joint venture is in line with its strategy to expand its land bank and reinforce its position in TOD developments. 'The TOD project will provide recurring income throughout its development period and serve to showcase the company's capabilities in property development, engineering and construction,' it added. The group noted that the commencement and completion dates for the project cannot be determined at this stage, as the development plan has yet to be submitted to the relevant authorities.
The Star
22-05-2025
- Business
- The Star
Tomei's 1Q net profit jumps 33% on strong gold demand
KUALA LUMPUR: Tomei Consolidated Bhd remains focused on strengthening its brand, expanding outreach through promotions, and adapting swiftly to market conditions, while acknowledging that global trade tensions and tariff risks may dampen broader economic sentiments. 'We are cautiously optimistic that our proactive approach will help sustain profitability for the remainder of the financial year,' group managing director Datuk Ng Yih Pyng said in a statement. In the first quarter ended March 31, the integrated gold jewellery manufacturer and retailer posted a 33% jump in net profit to RM27.8mil compared with RM20.9mil a year ago. Revenue for the quarter rose 7.8% to RM348mil, up from RM322.8mil, supported by festive-driven retail demand and sustained consumer interest in gold, as prices hovered near the all-time high level Tomei said the retail segment remained the key contributor, posting RM286.7mil in revenue—up 3.3% year-on-year—while profit before tax (PBT) rose 33.9% to RM34.6mil, driven by higher gold prices and improved gross margins. The manufacturing and wholesale segment recorded a 12.4% increase in revenue to RM61.3mil, with PBT at RM3.5mil. 'We are pleased to begin FY25 on strong footing, supported by festive-driven retail momentum, higher gold prices and consumers' growing appreciation of gold as both adornment and investment,' Ng said.
