WCT's 3Q net profit nosedives 94% on lower other income, JV contribution

• Quarterly revenue, however, rose 10.32% year-on-year to RM482.61 million from RM437.46 million. The engineering and construction segment's revenue accounted for RM264 million or 55% of the group’s revenue.

KUALA LUMPUR (Nov 25): WCT Holdings Bhd (KL:WCT)’s net profit nosedived 93.91% year-on-year in the third quarter, mainly due to lower other income and reduced contributions from joint ventures (JVs).

Net profit for the three months ended Sept 30, 2025 (3QFY2025) stood at RM10.55 million compared with RM173.22 million previously. Earnings per share dropped to 0.68 sen from 12 sen, the group’s bourse filing on Tuesday showed.

Other income fell 88% to RM22.36 million from RM189.83 million in 3QFY2024, while the share of profit after tax from JVs more than halved to RM4.27 million from RM8.84 million.

Quarterly revenue, however, rose 10.32% year-on-year to RM482.61 million from RM437.46 million. The engineering and construction segment's revenue accounted for RM264 million or 55% of the group’s revenue.

This was followed by the property development segment, which contributed RM180 million (37%), and property investment and management segment with RM39 million (8%).

WCT did not recommend any dividend for the quarter.

Net profit for the first nine months of FY2025 declined 82.85% year-on-year to RM37.83 million from RM220.63 million, which was attributed to a gain on dilution of interest in a JV amounting to RM184 million recognised previously.

Revenue for the nine-month period rose 17.67% to RM1.51 billion from RM1.28 billion, driven by higher sales and billings in the property development segment and revenue from the sale of lands.

In a statement, WCT group managing director Datuk Lee Tuck Fook said the group’s sustained focus on securing construction projects has resulted in its latest win of a RM365.2 million contract awarded by Projek Lebuhraya Usahasama Bhd (PLUS) for the expansion of the North-South Expressway from Yong Peng to Senai (Phase 2: Sedenak to Simpang Renggam) in Johor.

“The project leverages WCT’s engineering expertise in expressway upgrading and widening works,” Lee said.

Looking ahead, WCT said the group is hopeful of a rollout of bigger engineering and construction projects in the near future.

"Our engineering and construction division will continue to focus on project execution and cost recovery from completed projects,” it said.

In property development, the group expects the resilient Malaysian economy to stimulate the demand for its offerings and launches.

Additionally, the group sees strong Malaysian household spending coupled with the pick-up in tourist arrivals will continue to revitalise its retail malls business, hotels and business aviation services.

Shares of WCT closed unchanged at 67.5 sen on Tuesday, valuing the group at RM1.05 billion. The stock has fallen over 29% year to date.

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