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PETALING JAYA (May 22): DRB-HICOM Bhd's property segment recorded a 70.2% decline in revenue to RM13.89 million in the first quarter ended March 31, 2026 (1Q2026), from RM46.64 million a year earlier, due to lower contributions from property development and construction activities.
The group said the lower performance reflected reduced project activity during the quarter. The properties segment, which includes property development, construction projects and concession business, reported lower contributions from residential and industrial developments and construction works.
Despite the decline in the property segment, DRB-HICOM's revenue rose 15.7% year-on-year to RM4.76 billion from RM4.11 billion, supported by higher contributions from its mobility, banking and postal businesses.
Profit before tax (PBT) more than doubled to RM192.40 million from RM92.62 million previously. Net profit attributable to owners rose to RM45 million from RM17.72 million.
Segment performance
The mobility segment remained the largest contributor with revenue of RM3.62 billion, up 19.6%, driven by higher Proton sales volumes and contributions from the aerospace business following the acquisition of CTRM AeroSystems Sdn Bhd in December 2025.
The banking segment recorded revenue of RM583.36 million, up 9.4%, supported by higher financing income and volume growth.
The postal segment posted revenue of RM493.25 million, up 7.9%, driven by higher courier volumes, logistics activities and aviation-related services, including in-flight catering and ground handling.
The services segment recorded revenue of RM50.73 million, down 1.2%, due to lower vehicle inspection volumes during the quarter following festive public holidays.
The properties segment generated external revenue of RM13.89 million and recorded profit before tax of RM7.91 million.
The group said the segment comprises property development, construction activities and concession operations.
Performance and outlook
DRB-HICOM said Malaysia's economic growth is expected to remain resilient in 2026, supported by domestic demand, while noting that the global outlook remains subject to geopolitical uncertainties.
The group expects a moderate outlook for the financial year ending Dec 31, 2026, and said it will continue focusing on cost efficiency and digitalisation across its businesses.
In the mobility segment, Proton sold 49,140 units in 1Q2026, up 40.1% year-on-year. The group said the performance was supported by its expanding electric vehicle portfolio, with the e.MAS 5 emerging as Malaysia's best-selling EV with 6,701 units sold year-to-date.
The group said it continues to expand its aerospace operations following the CTRM acquisition, while Pos Malaysia is focusing on network optimisation and digital initiatives to reduce losses.
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