PETALING JAYA, 26 NOVEMBER 2024 — WCT Holdings Berhad (“the Group”), an investment holding company with businesses in engineering and construction, property development, and investment in and management of retail malls and hotels, reported a revenue of RM437 million for its third quarter, which ended on 30 September 2024 (“Q3FY24”), compared to RM497 million in the preceding year’s corresponding quarter, 30 September 2023 (“Q3FY23”). The Group achieved a profit attributable to equity holders of RM173 million, compared to a loss of RM14 million recorded in Q3FY23, mainly contributed by the remeasurement of interest in a jointly controlled entity amounting to RM184 million.
For the nine months period ended 30 September 2024 (“3QFY24”), the Group recorded revenue and profit attributable to equity holders of RM1,281 million and RM221 million respectively, as compared to the revenue and loss attributable to equity holders of RM1,326 million and RM8 million registered in the preceding year’s corresponding period (“3QFY23”).
The Group’s Engineering and Construction Division achieved an improved operating profit of RM35 million for 3QFY24, up from RM18 million in 3QFY23. However, 3QFY24 revenue decreased to RM700 million from RM928 million in the same period last year, mainly attributed to slower construction progress.
The Group’s Property Development Division recorded higher revenue and operating profit of RM384 million (3QFY23:RM240 million) and RM37 million (3QFY23:RM25 million) respectively. The increase in both revenue and operating profit in 3QFY24 were primarily attributed to higher sales and billing of properties during the current period. To date, the Group’s unbilled sales stood at RM1,046 million.
Dato’ Lee Tuck Fook, Group Managing Director, WCT Holdings Berhad, said, “Despite challenging market conditions, our property development segment has shown resilience, particularly in Johor, where significant infrastructure developments have driven healthy property demand. The Adison, featuring 1,920 serviced apartments within the 68-acre W City Larkinton Johor Bahru development near the Johor Golf and Country Club, has recorded strong sales performance.
The Property Investment and Management Division reported higher revenue and operating profit of RM197 million (3QFY23:RM158 million) and RM284 million (3QFY23:RM76 million). The growth in revenue in 3QFY24 was driven by an uptick in occupancy rates and rental rates of the Group’s malls and hotels. Notably, WCT’s hotels – Hyatt Place Johor Bahru Paradigm Mall, Le Méridien Petaling Jaya, and Première Hotel in Klang – achieved significant improvements in revenue. Operating profit increased mainly due to a net gain of approximately RM184 million on remeasurement of interest in a jointly controlled entity, Segi Astana Sdn Bhd.
“WCT has recorded commendable performance with operating profits contributed from all three core businesses. Our recent achievements, including the International Achievement Award at the CIDB Malaysian Construction Industry Excellence Awards (MCIEA) 2024 and the Best High-End High-Rise Development (Southern) for the Adison at the 11th PropertyGuru Asia Awards Malaysia in partnership with iProperty.com.my 2024, underscore our commitment to excellence and innovation. These accolades reflect the hard work and dedication of our team, and we are proud of the recognition our projects have received,” added Dato’ Lee.
“Looking ahead, our Engineering and Construction Division will remain focused on achieving key project milestones while pursuing infrastructure and building-related tenders both locally and regionally. Meanwhile, the Property Development and Property Investment & Management Divisions are optimistic that Malaysia’s economic growth, coupled with improving consumer and business confidence, will drive demand for our property offerings and services,” concluded Dato’ Lee.
