Propel Global Bhd ended FY26 deeper in the red, with loss after tax (LAT) widening 18.8% to RM28.4 million from RM23.9 million a year earlier, as weaker project billings and higher impairment charges weighed on the group.
Full-year revenue also fell 27.6% to RM80.4 million from RM111.1 million, mainly due to lower EPCC progress billings, reduced Technical Services contributions following the completion of several key contracts and lower one-off ICT service revenue.
The weaker annual performance contrasted with an improvement in the fourth quarter, when LAT narrowed 34.4% to RM10.1 million from RM15.4 million a year earlier.
Quarterly revenue, however, eased to RM23.4 million from RM24.8 million, although the oil and gas segment recorded a 9.5% increase in revenue to RM19.6 million, supported by higher EPCC progress billings and maiden contributions from a new subsidiary.
Group Chief Executive Officer Angeline Lee said FY26 remained challenging amid project timing, changes in the group’s operating portfolio and impairment-related effects, while the stronger oil and gas contribution in the fourth quarter pointed to progress in rebuilding its revenue base.
Propel Global is meanwhile expanding beyond its traditional businesses, including data centre infrastructure projects in Johor Bahru and its RM64 million Riverpoint commercial development in Kuantan.
The group said it will continue focusing on tighter cost management, disciplined project execution and improving project visibility as it works towards a more sustainable recovery.
