PETALING JAYA, 27 MAY 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 higher revenue of RM472.1 million in the first quarter ended 31 March 2025 (“Q1FY25”) as compared to RM467.4 million in the preceding year’s corresponding quarter ended 31 March 2024 (“Q1FY24”). Its profit attributable to equity holders in Q1FY25 was RM12.0 million as compared to RM16.1 million in Q1FY24.

The Group’s Engineering and Construction Division contributed 48% of the total Group revenue, recording RM224.9 million in revenue and RM7.1 million in operating profit, compared to RM286.6 million and RM31.3 million, respectively, in the corresponding quarter of the previous year. The lower revenue in the current period was primarily due to reduced construction revenue recognition, as several projects are approaching completion. The decline in operating profit was mainly attributable to the slower construction pace.

Meanwhile, the Property Development and Property Investment & Management Divisions contributed approximately 37% and 15% respectively to the Group's consolidated revenue. The Property Development Division recorded revenue and operating profit of RM175.3 million (Q1FY24: RM117.8 million) and RM29.4 million (Q1FY24: RM7.9 million) respectively. The increase in revenue was primarily driven by higher sales and billings, as well as land sales amounting to RM36.0million, which contributed RM20.7 million to operating profit. To date, the Group’s unbilled sales stood at RM1,193 million.

The Property Investment and Management Division registered higher revenue of RM71.9 and an operating profit of RM36.9 million (Q1FY24: RM63.0 million and RM32.0 million). The improved performance was mainly attributable to higher occupancy and rental rates across the Group’s shopping malls, as well as increased contributions from WCT’s hotels – Hyatt Place Johor Bahru Paradigm Mall, Le Méridien Petaling Jaya, and Première Hotel Klang.

Dato’ Lee Tuck Fook, Group Managing Director, WCT Holdings Berhad, said, “Despite a challenging operating environment, WCT has delivered a resilient first quarter, reflecting the strength of our diversified portfolio and disciplined execution of our strategic plans. We remain committed to driving sustainable growth and enhancing operational efficiency. 

“The Property Development Division is poised for continued growth with a robust pipeline of new project launches. At the same time, the Property Investment and Management Division will continue to leverage strong consumer sentiment and increasing tourist arrivals to drive footfall and sustain growth across our retail assets,” concluded Dato’ Lee.

The Group reported basic earnings per share of 0.77 sen as compared to basic earnings per share of 1.44 sen recorded in the preceding year’s corresponding quarter.