Propel Global Berhad widened its loss after tax (LAT) to RM18.3 million for the nine months ended March 31, 2026 (9M26), compared to RM8.5 million a year earlier, as softer project billings, weaker construction contributions and impairment charges weighed on performance.
The group’s revenue for the same period also fell to RM57 million from RM86.3 million previously, reflecting reduced EPCC progress billings, weaker construction activity, lower ICT one-off service income and impairment charges.
For the third quarter, the oil and gas services provider posted a LAT of RM7.2 million versus RM1.3 million in the corresponding period last year, while revenue fell to RM18.6 million from RM23.6 million previously.
The weaker quarterly revenue was mainly due to lower progress billings from Technical Services projects that had reached completion stages, alongside reduced contributions from oil and gas EPCC activities. This was partially offset by contributions from newly consolidated Min Soon Transport Company Sdn Bhd following its acquisition in December 2025.
The Technical Services segment saw a sharp decline in revenue to RM0.8 million, while the Information and Communications Technology segment also recorded a slight dip. Although the Oil & Gas segment continued to generate profit before tax, overall results were affected by lower billings and a RM5.4 million impairment loss on trade receivables, despite a RM5.4 million gain from the disposal of Propel Maxflo Sdn. Bhd.
Executive Director and Group CEO Angeline Lee said the performance reflected project timing delays and non-recurring items, while reaffirming focus on disciplined execution, cost control and selective project participation.
She added that the group is strengthening its presence in data centre infrastructure and energy-related opportunities, including ongoing works in Johor and potential modular gas power projects in Sabah.
Despite near-term headwinds, she revealed that the group is positioning itself across oil and gas services, technical services, ICT and emerging energy infrastructure to support a more sustainable recovery trajectory.
