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Latest Quarterly Result

Quarterly Report For The Financial Period Ended 31 December 2024

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Condensed consolidated statement of profit or loss and other comprehensive income
For the financial period ended 31 December 2024

Condensed consolidated statement of financial position
As At 31 December 2024

Detailed analysis of the performance of all operating segments of the Group in 3Q 2025

Current quarter ("3Q 2025") against preceding year corresponding quarter ("3Q 2024")

In 3Q 2025, the Group recorded lower revenue of RM24.250 million, a 40.5% decrease from RM40.768 million in 3Q 2024, mainly due to lower contributions from the construction and property development sectors. Despite the revenue decline, the Group reported a profit before tax of RM10.218 million in 3Q 2025, compared to a profit before tax of RM5.014 million in 3Q 2024. The significant increase in profit was mainly due to a one-off gain of RM12.033 million recognised from the disposal of an investment property in 3Q 2025.

The performance of the respective operating business sector for the 3Q 2025 under review as compared to the 3Q 2024 are analysed as follows:

The sector reported revenue of RM9.043 million in 3Q 2025, a 11.8% decrease from RM10.249 million in 3Q 2024, primarily due to lower demand for building materials following the completion of several major projects by our key customers.

The sector recorded a loss before tax of RM0.559 million in 3Q 2025, compared to a loss before tax of RM0.206 million in 3Q 2024. The higher loss before tax was mainly attributed to a net impairment loss of RM0.259 million on receivables, compared to net impairment gain of RM0.207 million in 3Q 2024.

Revenue for 3Q 2025 decreased by RM7.086 million to RM0.994 million, compared to RM8.080 million in 3Q 2024. The decrease was mainly due to the disposal of a piece of freehold vacant commercial land for a total cash consideration of RM8.08 million in 3Q 2024. Accordingly, the profit before tax decreased by RM6.419 million to RM0.294 million in 3Q 2025, compared to a profit before tax of RM6.713 million in 3Q 2024.

The construction sector reported a lower revenue of RM15.240 million in 3Q 2025, compared to RM23.193 million in 3Q 2024, mainly due to a lower percentage of work done for its ongoing construction projects. Accordingly, the sector recorded a higher loss before tax of RM0.684 million in 3Q 2025, compared to a loss before tax of RM0.533 million in 3Q 2024.

The sector recorded slightly lower revenue of RM0.503 million in 3Q 2025, compared to RM0.692 million in 3Q 2024. However, profit before tax increased significantly to RM12.090 million in 3Q 2025, from RM0.279 million in 3Q 2024. This increase in profit before tax was mainly due to a one-off gain of RM 12.033 million from the disposal of an investment property completed in 3Q 2025.

The sector recorded higher revenue of RM0.199 million in 3Q 2025, compared to RM0.069 million reported in 3Q 2024. However, the sector reported an increase in loss before tax of RM0.259 million in 3Q 2025, compared to RM0.222 million in 3Q 2024, mainly due to a one-off gain of RM0.263 million on disposal of plant and equipment recorded in 3Q 2024.

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

For the YTD 2025, the Group recorded revenue of RM51.940 million, a decrease of RM48.467 million or 48.3% from RM100.407 million in YTD 2024, mainly due to lower contributions from the trading and construction sectors.

Profit before tax declined to RM7.415 million in YTD 2025, compared to a profit before tax of RM9.463 million in YTD 2024, mainly due to lower sales volume. However, this was partially offset by a one-off gain of RM12.033 million from the disposal of an investment property and an additional gain of RM1.732 million gain from the disposal of plant and equipment in YTD 2025.

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 RM25.908 million in YTD 2025, compared to RM52.209 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 higher loss before tax of RM2.636 million in YTD 2025, compared to a loss before tax of RM0.161 million in the YTD 2024, mainly due to lower sales volume and a provision for foreseeable loss amounting to RM0.720 million.

The property development sector recorded lower revenue of RM3.540 million in YTD 2025, compared to RM9.826 million in YTD 2024, mainly due to the disposal of a piece of freehold vacant commercial land for a total cash consideration of RM8.08 million in YTD 2024. Accordingly, the sector reported a significant lower profit before tax of RM0.920 million in YTD 2025, compared to RM7.042 million in YTD 2024.

The construction sector registered lower revenue of RM24.239 million in YTD 2025, compared to RM43.314 million in YTD 2024, mainly due to a lower percentage of work done for ongoing projects. Despite the decline in revenue, the sector recorded a lower loss before tax of RM0.490 million in YTD 2025, compared to a loss before tax of RM3.173 million in YTD 2024. This improvement was mainly due to the finalisation of the final account for one project with our sub-contractors and a one-off gain of RM0.514 million from the disposal of plant and equipment during YTD 2025.

The investment property sector reported a slight decrease in revenue to RM1.899 million in YTD 2025, down from RM2.023 million in YTD 2024. However, the sector's profit before tax increased to RM12.646 million in YTD 2025, compared to RM10.139 million in YTD 2024, mainly due to a one-off gain of RM 12.033 million (RM9.875 million in YTD 2024) from the disposal of investment properties in YTD 2025.

This sector reported an increase in revenue to RM0.643 million in YTD 2025, up from RM0.553 million in YTD 2024. The sector also recorded a profit before tax of RM0.446 million in YTD 2025, compared to a loss before tax of RM0.988 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, 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. The Group remains focus to its core business segments, including building materials trading, civil construction and building works.

Given the challenging business environment and the depletion of order books, the Board anticipates that near-term prospects will remain difficult. As of 31 December, 2024, the Group's construction order book stood at RM133 million. The board anticipates that the financial performance for the financial year ending 31 March 2025 may be adversely affected.

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.