PETALING JAYA, 25 FEBRUARY 2025 – WCT Holdings Berhad (“WCT” or “the Group”), an investment holding company with businesses in engineering and construction, property development and investment in and management of retail malls and hotels, recorded revenue of RM543 million for its fourth quarter ended 31 December 2024 (“Q4FY24”) as compared to RM402 million in the preceding year’s corresponding quarter ended 31 December 2023 (“Q4FY23”). Its profit attributable to equity holders in Q4FY24 was RM57 million as compared to loss attributable to equity holders of RM246 million in Q4FY23.
For the financial year ended 31 December 2024 (“4QFY24”), the Group recorded higher revenue of RM1.8 billion as compared to RM1.7 billion registered in the preceding year (“4QFY23”). The Group recorded a profit attributable to equity holders of RM278 million as compared to the loss attributable to equity holders of RM254 million registered in 4QFY23. The increase in operating profit is attributed to the improved performance across the Group’s segment and a net gain after tax on remeasurement of interest in a jointly controlled entity amounting to approximately RM184 million.
The Group’s Engineering and Construction Division remains the main contributor for 4QFY24, accounting for RM1 billion (4QFY23: RM1.1 billion) or 57% of the Group’s consolidated revenue. The Division reported operating loss of RM19 million as compared to RM220 million operating loss recorded in 4QFY23. The operating loss in current and preceding years was due to reduced project margins as a result of project prolongation, and escalating materials and labour costs. The lowered margins led to the reversal of profits which had been accrued on the various projects.
Dato’ Lee Tuck Fook, Group Managing Director, WCT Holdings Berhad, said, Our Engineering and Construction Division, despite facing operational challenges and increased costs, has successfully completed several key projects in FY2024. These include the first phase of the new terminal at Sultan Ismail Petra Airport (LTSIP) in Kelantan, the Pan Borneo Highway (Sungai Arip Bridge to Bintulu Airport Junction) in Sarawak, Elevated Highway Project, Sprint Highway in Kuala Lumpur, and jetty extension at Sapangar Bay Oil Terminal in Sabah. These achievements highlight our resilience and ability to deliver on our commitments. We will continue to focus on efficient project execution and strengthening our order book for future growth.
Meanwhile, the Group’s Property Development Division recorded revenue of RM516 million for 4QFY24 (4QFY23: RM362 million) with a higher operating profit of RM37 million (4QFY23: RM20 million). The increase in both revenue and operating profit in 4QFY24 was primarily attributed to higher sales and billing of properties during the current period. As of 31 December 2024, the Group recorded property sales of RM1,044 million (4QFY23:RM856 million) mainly contributed by Pavilion Mont’ Kiara and Phase 1A of Adison at W City Larkinton Johor Bahru. The Group’s unbilled sales as at 31 December 2024 stood at RM1,066 million.
For the current year, the Property Investment and Management Division recorded higher revenue of RM268 million (4QFY23: RM217 million) and a higher operating profit of RM362 million (4QFY23:RM121 million). Revenue growth was driven by strong retail sector activity, higher occupancy rates, positive rental reversion at the Group’s malls, and increased contribution from WCT’s hotels –Hyatt Place Johor Bahru Paradigm Mall, Le Méridien Petaling Jaya, and Première Hotel Klang. Operating profit rose mainly due to a net gain after tax of approximately RM184 million on remeasurement of interest in a jointly controlled entity and a RM42 million fair value gain on investment properties.
“We will continue to capitalise on the strong consumer spending and rising tourist arrivals to drive growth in the Property Investment and Management Division,” concluded Dato’ Lee.
