MMC Corp declares 4.5 sen final dividend

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KUALA LUMPUR (April 10): MMC Corp Bhd has proposed a final dividend of 4.5 sen a share for the financial year ended December 31, 2019 (FY19).

In a Bursa Malaysia filing today, MMC Corp said the final dividend of 4.5 sen per share amounts to a payout of RM137.03 million. The entitlement dates and payment dates for the dividend fall on June 3 and June 26 respectively.

For the full financial year ended Dec 31, 2019, the construction firm recorded a net profit of RM255.17 million, up 16% from RM220.08 million in the year-ago period, despite revenue falling 5% to RM4.72 billion from RM4.98 billion. Earnings per share grew to 8.4 sen from 7.2 sen.

It previously attributed the higher annual earnings to higher contributions from its port entities, higher share of results of associates, namely Malakoff Corp Bhd, higher passenger volume at the Senai Airport, and a gain on disposal of assets held for sale.

It also recorded a provision reversal that was no longer required at the Electrified Double Track Project undertaken by its joint venture with Gamuda Bhd, and lower administrative costs across the group, which helped lift its bottom line.

MMC shares settled unchanged at 61 sen today, giving it a market capitalisation of RM1.86 billion. The counter saw some 2.45 million shares done. Year to date, the counter has fallen 38% from 99 sen on Dec 31, 2019.