KUALA LUMPUR (Feb 26): MMC Corp Bhd's net profit soared 163% to RM179.13 million in the fourth quarter ended Dec 31, 2020 (4QFY20) from RM68.07 million in the previous year.

Quarterly revenue increased by 18.38% to RM1.3 billion from RM1.09 billion in 4QFY19.

It said the higher profit was mainly due to higher container volume handled at Pelabuhan Tanjung Pelepas (PTP) and Northport (Malaysia) Bhd, a higher contribution from Klang Valley Mass Rapid Transit Sungai Buloh-Serdang-Putrajaya Line (KVMRT-SSP Line) upon completion of tunnelling works, sale of land at Senai Airport City (SAC) and lower operating expenses and finance costs across the group.

"These were offset by lower passenger and cargo volumes at Senai Airport, which was affected by the Conditional Movement Control Order imposed," said the group in its filing with Bursa Malaysia today.

For the full financial year ended Dec 31, 2020 (FY20), MMC Corp's net profit climbed 47% to RM375.3 million from RM255.17 million a year ago.

However, annual revenue slipped 4.72% to RM4.5 billion from RM4.71 billion due to lower work progress from KVMRT-SSP Line, lower passenger and cargo volumes at Senai International Airport, and a lower volume handled at Penang Port Sdn Bhd, it said.

These were partially offset by higher volume handled at PTP and Northport as well as sale of land at SAC.

In a separate statement, the group said it is positive with regard to the growth prospects of its business divisions in FY21 in line with the expected recovery of global and domestic economic growth.

Nevertheless, MMC Corp remains vigilant with the market changes locally in response to the recent reimplementation of the Movement Control Order.

"Looking forward, with better and timely measures and response to the pandemic spread, the group views that the anticipated economic recovery is attainable. We are committed to strengthening our financial and market positions by focusing on operational excellence and cost optimisation, whilst exploring new business opportunities."

Overall, the group expects to sustain, if not improve its financial and operational performance for FY21," said its group managing director Datuk Seri Che Khalib Mohamad Noh.