PETALING JAYA: MN Holdings Bhd

's net profit rose 30% to RM21.4mil in the third quarter ended March 31, 2026 (3Q26), from RM16.5mil a year earlier.

Its revenue surge 57% to RM200mil in 3Q26 from RM127.4mil a year earlier. Earnings per share increased to 3.25 sen from 2.92 sen previously.

The infrastructure utilities construction and engineering solutions specialist said the higher revenue was driven primarily by stronger contributions from the group’s substation engineering segment.

The segment contributed RM176.91mil or 88% of total revenue during the quarter, representing an increase of 82% from RM97.09mil recorded in 3Q25.

Meanwhile, the underground utilities engineering segment contributed RM23.17mil.

For the nine months ended March 31, MN Holdings posted a net profit of RM68.1mil, up 88.5% from RM36.1mil while revenue surged 85% to RM657.7mil against RM356mil last year.

Profit before tax rose 92% year-on-year to RM95.52mil from RM49.83mil.

The strong performance was largely driven by the substation engineering segment, which contributed RM586.24mil, or 89% of total revenue during the period.

MN Holdings said the nine-month period included share-based compensation expenses of RM1.37mil, compared with RM1.22mil a year earlier, as well as net impairment losses on financial and contract assets of RM11.51mil versus RM2.12mil previously.

Excluding these items, the group's normalised PBT surged 104% to RM108.4 mil from RM53.17 mil.

Managing director Datuk Clement Toh said the group's 3Q26 performance reflected the continued execution of major substation engineering projects and the strength of its 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 RM1.75bil, we remain focused on executing our projects efficiently while pursuing new opportunities that complement our technical expertise and long-term growth objectives,” he said in a statement.

MN Holdings maintained a strong balance sheet, with total equity of RM357.85mil and cash reserves of RM280.34mil as at March 31, 2026, supporting future growth initiatives.