KUALA LUMPUR, Nov 23 — Malayan Cement Bhd’s net profit for the first quarter ended September 30, 2023 (1Q), has increased to RM96.10 million from RM953,000 for the same period previously.

Its revenue also rose to RM1.15 billion from RM858.85 million, mainly contributed by the higher volume and stabilisation in selling price for both domestic cement and ready-mixed concrete.

In a Bursa Malaysia filing today, the cement company said prospects remain positive with growth in cement demand expected to be primarily driven by civil and non-residential ventures including infrastructure, logistics facilities, data centres and factories.

"Cement demand is projected to be further bolstered by Malaysia’s long-term need for housing and infrastructure due to its young population and high urbanisation rate.

While wider economic volatility may persist in light of higher interest rates and inflationary pressures, the group will continue to pursue the operational, logistics and distributional efficiencies necessary to meet the needs and expectations of its customers, and deliver ongoing value to all its stakeholders,” it added. — Bernama