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Latest Quarterly Result

Quarterly Report For The Financial Period Ended 30 September 2024

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Condensed consolidated statement of profit or loss and other comprehensive income
For the financial period ended 30 September 2024

Condensed consolidated statement of financial position
As At 30 September 2024

Detailed analysis of the performance of all operating segments of the Group in 2Q 2025

Current quarter ("2Q 2025") against preceding year corresponding quarter ("2Q 2024")

In 2Q 2025, the Group recorded lower revenue of RM15.396 million, a decrease of 54.1% compared to revenue of RM33.545 million in 2Q 2024, mainly due to lower contributions from the trading and construction sector. The Group reported a loss before tax of RM2.263 million in 2Q 2025, compared to a profit before tax RM7.869 million in 2Q 2024, the significant decrease was mainly attributed to a one-off gain of RM9.875 million recognised from the disposal of investment properties in 2Q 2024.

The performance of the respective operating business sector for the 2Q 2025 under review as compared to the 2Q 2024 are analysed as follows:

The sector reported revenue of RM9.196 million in 2Q 2025, a 54.2% decrease from RM20.077 million in 2Q 2024. The decrease mainly due to reduced demand for building materials following the completion of several major projects by our key customers.

The sector recorded a loss before tax of RM1.531 million in 2Q 2025, compared to a profit before tax of RM0.916 million in 2Q 2024. The loss before tax was mainly attributable to lower sales volume, a provision for foreseeable loss of RM0.720 million, and a net impairment loss of RM0.298 million on receivables (compared to the net impairment gain of RM0.412 million in 2Q 2024) in 2Q 2025.

Revenue for 2Q 2025 increased by RM0.800 million to RM2.546 million as compared to RM1.746 million in 2Q 2024. The increase was mainly due to more completed units sold in 2Q 2025. Accordingly, the profit before tax improved by RM0.292 million to RM0.730 million in 2Q 2025, compared to RM0.438 million in 2Q 2024.

The construction sector reported revenue of RM4.365 million in 2Q 2025, compared to RM14.675 million in 2Q 2024, mainly due to a lower percentage of work done for its ongoing construction projects. Despite the decrease in revenue, the sector recorded a profit before tax of RM0.075 million in 2Q 2025, compared to a loss before tax of RM1.444 million in 2Q 2024, the improvement was mainly due to the finalisation of the final account for one project with our sub-contractors, resulting in the recognition of additional profit in 2Q 2025.

The sector recorded slightly higher revenue of RM0.690 million in 2Q 2025, compared to RM0.647 million in 2Q 2024. However, profit before tax declined significantly to RM0.273 million in 2Q 2025, from RM9.714 million in 2Q 2024. This decrease in profit before tax was mainly due to a one-off gain of RM 9.875 million from the disposal of investment properties recorded in 2Q 2024.

The sector recorded comparable revenue of RM0.226 million in 2Q 2025, compared to RM0.216 million in 2Q 2024. The sector reported a lower loss before tax of RM0.266 million in 2Q 2025, compared to RM0.486 million in 2Q 2024, mainly due to lesser overheads incurred during 2Q 2025.

Current year to date ("YTD 2025") against preceding year corresponding year ("YTD 2024")

For the YTD 2025, the Group recorded revenue of RM27.690 million, a decrease of RM31.949 million or 53.6% from RM59.639 million in YTD 2024. The decrease in revenue was mainly due to lower contributions from the trading and construction sectors. The Group reported a loss before tax of RM2.803 million for YTD 2025, compared to a profit before tax of RM4.449 million in YTD 2024, mainly due to a one-off gain of RM9.875 million from the disposal of investment properties recognised in YTD 2024.

The performance of the respective operating business segments for the YTD 2025 under review as compared to the YTD 2024 are analysed as follow:

The trading sector reported lower revenue of RM16.865 million in YTD 2025, compared to RM41.960 million in YTD 2024, mainly due to lesser demand for building materials following the completion of several major projects by key customers. The sector recorded a loss before tax of RM2.077 million in YTD 2025, compared to a profit before tax of RM0.044 million in the YTD 2024, mainly due to lower sales volume and a provision for foreseeable loss of RM0.720 million.

The property development sector recorded higher revenue of RM2.546 million in YTD 2025, compared to RM1.746 million in YTD 2024, mainly due to more completed units sold in YTD 2025. Accordingly, the sector reported a profit before tax of RM0.626 million in YTD 2025, compared to RM0.330 million in YTD 2024.

The construction sector registered lower revenue of RM8.999 million in YTD 2025 compared to RM20.121 million in YTD 2024, mainly due to a lower percentage of work done for ongoing construction projects. Despite the decreased in revenue, the sector recorded a profit before tax of RM0.194 million in YTD 2025, compared to a loss before tax of RM2.641 million in YTD 2024, mainly due to the finalisation of the final account for one project with our sub-contractors, resulting in the recognition of additional profit in 2Q 2025, as well as a one-off gain of RM0.511 million from the disposal of plant and equipment during YTD 2025.

The investment property sector reported a slight increase in revenue, rising to RM1.396 million in YTD 2025 from RM1.331 million in YTD 2024. However, the sector's profit before tax declined significantly to RM0.556 million in YTD 2025, compared to RM9.860 million in YTD 2024, mainly due to the absence of a one-off gain of RM 9.875 million from the disposal of investment properties in YTD 2024.

The revenue reported by this sector is comparable, with RM0.444 million in YTD 2025 compared to RM0.484 million in YTD 2024. However, the sector recorded a profit before tax of RM0.705 million in YTD 2025, compared to a loss before tax of RM0.766 million in YTD 2024, mainly due to a one-off gain of RM1.201 million from the disposal of plant and equipment in YTD 2025.

Prospects

Malaysia's Budget 2025 allocates RM335 billion for operating expenses and RM86 billion for development expenditures, with a significant portion of the development budget allocated to support the transportation projects, including highways, ports, and rail initiatives. This allocation presents potential opportunities for new projects, and the Group will closely monitor upcoming tender opening and prospects.

In the property sector, Budget 2025 offers notable support, especially through initiatives aimed at expanding affordable housing. Tax reliefs and enhanced support for first-time homebuyers, particularly via the Syarikat Jaminan Kredit Perumahan (SJKP) scheme, are expected to stimulate both home buying and construction activities.

However, despite these positive developments, the Board remains cautious due to potential cost pressures in the industry. Anticipated increases in construction material prices, the introduction of a carbon tax, subsidy removals, and adjustments in labour costs as outlined in Budget 2025 are likely to impact overall project costs. Additionally, ongoing inflationary pressures pose further challenges for the construction and property sectors. To address this, the Group has adopted a highly selective tendering strategy, focusing on projects with sufficient profit margins to mitigate inflationary pressures, helping to sustain operations.

Given the challenging business landscape and a gradually diminishing order book, the Board anticipates that the near-term outlook will remain difficult. Consequently, the financial performance for the financial year ending 31 March 2025 may be adversely affected. As of 30 September, 2024, the Group's construction order book stood at RM 148 million.

The Board is also mindful of the competitive pressures and operational risks that could impact financial results. The Group will continue to implement proactive measures to ensure sustainability and resilience, focusing on the timely completion of all ongoing projects within budget.