KUALA LUMPUR (July 19): Jade Marvel Group Bhd has proposed to diversify its business to include prospecting and sale of iron ores, dolomite, sand and other minerals, to expand its revenue stream.

"The board anticipates that the new business will potentially contribute 25% or more of the group's net profit and/or result in a diversion of 25% or more of the group's net assets," said the group in a bourse filing.

Additionally, the group said it will continue to seek new viable mining contracts amd leases and explore joint venture or cooperation opportunities with business partners to undertake mining and mining-related activities, and explore the sale and trading of other minerals.

Jade Marvel is currently involved in investment holdings, manufacturing, property development and moneylending.

The group said it intends to fund the new business through internally generated funds.

It aded that the proposed diversification is expected to be completed by the third quarter of 2022.

For the financial year ended March 31, 2022 (FY22), the group posted a net profit of RM7.2 million, after reporting a RM4.3 million net profit for FY21, and a net loss of RM6.8 million for FY20.

Revenue totalled RM30.2 million, RM22.9 million, RM13.4 million for FY22, FY21 and FY20 respectively.

Jade Marvel shares closed unchanged at 85 sen on Tuesday (July 19), giving the group a market value of RM277.2 million.