MGB: Secures RM44.7m Job in Saudi Arabia

(MLG MK, Outperform, TP: RM0.78)

MGB Bhd has secured its third key contract in Saudi Arabia, which is also its second contract awarded directly by ROSHN Group Company for the Marafy AI Arous Development project in Jeddah.

The contract is valued at approximately RM44.7m (SAR41.0m) and involves mechanical, electrical, plumbing systems (MEP), and finishing works for 75 villas, with a completion period of 300 calendar days from the date of the Notice to Proceed.

MGB Contract in Saudi Arabia

This award, in our view, would bolster MGB’s regional track record and deepen its foothold in the Middle East. Including this latest win, the Group’s FY26 new contract wins reach RM276.5m, while the total order book climbs to RM1.7bn.

“Nevertheless, we maintain our earnings forecast as this forms part of our FY26 orderbook replenishment assumption of RM900m. We retain our Outperform call with an unchanged SOTP-derived TP of RM0.78.,” says PIB.

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