Astaka Holdings Limited FY2025 Results: Higher Revenue from Aliva, No Dividend Declared for 2025

Astaka Holdings Limited FY2025 Financial Results and Analysis

Astaka Holdings Limited, a property developer listed on the Catalist Board of SGX-ST, has released its unaudited condensed interim consolidated financial statements for the six months and full year ended 31 December 2025. The results reflect significant developments in the company’s project pipeline, cash flow dynamics, and capital structure, set against a backdrop of a dynamic Johor property market.

Key Financial Metrics and Performance Table

Metric	2H2025 (Jul–Dec)	1H2025 (Jan–Jun)	2H2024 (Jul–Dec)	FY2025	FY2024	YoY Change	QoQ Change
Revenue (RM’000)	69,161	25,470	16,345	94,631	49,375	+91.7%	+322.9%
Gross Profit (RM’000)	12,850	3,918	1,649	16,768	6,577	+155.0%	+679.2%
Net Loss Attributable to Owners (RM’000)	(2,914)	(4,336)	(8,611)	(7,250)	(13,847)	+47.6%	+66.2%
EPS (sen)	(0.16)	(0.23)	(0.46)	(0.39)	(0.74)	+47.3%	+65.2%
Dividend per Share (sen)	0	0	0	0	0	No change	No change

Historical Performance Trends

Revenue Growth: Astaka posted a sharp recovery in revenue (+91.7% YoY and +322.9% HoH in 2H2025), driven mainly by the Aliva @ Mount Austin project which reached a more advanced construction stage. Arden @ One Bukit Senyum remains at an early stage, limiting additional upside.
Improved Losses: Net losses narrowed significantly, with FY2025 loss attributable to owners at RM7.25 million (vs. RM13.85 million in FY2024), reflecting better operating leverage and cost management.
Gross Profit: Gross profit more than doubled, reflecting higher revenue and partial reversals of past foreseeable loss provisions.
Dividend Policy: No dividends were declared or recommended for FY2025 or FY2024. Management intends to conserve cash for working capital and ongoing projects.

Exceptional Items and Unusual Fund Flows

Reversal of Foreseeable Losses: The company reversed RM138,000 of previously provided foreseeable losses, reflecting improved selling prices on some completed units.
Related Party Transactions: There were substantial fund flows involving advances and loans from controlling shareholders and related parties. Notably, DMR Holdings and other parties advanced over RM43 million in loan facilities at 8% interest. These funds were used for project development and working capital.
Significant Financing Activities: The group raised RM63.77 million in new term loans, partially offset by repayments, to support project construction.
Asset Pledges: Development land and units have been pledged as security for loans, increasing financial leverage but also enabling project progress.

Balance Sheet and Liquidity

Current Assets: Increased sharply, mainly from higher development properties and cash levels due to project billings and financing inflows.
Net Current Assets: Decreased from RM63.0 million to RM48.3 million, reflecting increased short-term liabilities and high working capital requirements.
Cash Position: Cash and cash equivalents rose to RM45.6 million (from RM21.6 million), but a significant portion is restricted for property development expenditure.
Debt: Loans and borrowings increased to RM65.5 million (from RM28.8 million).

Directors’ Remuneration

Manpower costs, including directors’ remuneration and fees, amounted to RM11.66 million in FY2025 (vs. RM8.84 million in FY2024), reflecting an increase in staffing and compensation commensurate with higher project activity.

Major Events and Industry Outlook

Johor-Singapore Special Economic Zone (JS-SEZ): Continued progress with the JS-SEZ, infrastructure upgrades, and the upcoming RTS Link are expected to provide structural support for the Johor property market in the medium term.
Supply Risks: More than 8,000 new units have been launched in Johor since 2023, which may pressure rental yields and selling prices as supply peaks.
Macroeconomic Environment: The property market remains price-sensitive and selective despite strong transaction values in Iskandar Malaysia. Policy initiatives may be slow to translate into sustained demand.

Divestments, Corporate Actions, and Mandates

Share Capital: No new shares were issued, and no share buybacks, placements, or dilutive actions occurred during the period.
Subsidiaries: The group incorporated Astaka Amora Sdn Bhd for future development and increased paid-up capital in Astaka Development Sdn Bhd.

Forecast and Expected Events

The company expects to recognize RM719 million in future revenue from unbilled sales and unsatisfied performance obligations as project construction advances over the next one to five years.
Management remains cautious, aligning project pacing and pricing decisions to prevailing market conditions and demand trends.

Chairman’s Statement

The report does not contain a dedicated Chairman’s Statement. However, management commentary is constructive but cautious, highlighting improved revenue, project progress, and continuing support from shareholders. The tone is pragmatic, focusing on operational execution, liquidity, and leveraging positive macro trends while acknowledging market risks and the need for cash conservation.

Conclusion and Investment Recommendations

Overall Assessment: Astaka Holdings has shown operational improvement with sharply higher revenue and narrower losses, reflecting work-in-progress on key projects and improved market conditions in Johor. Liquidity has improved, though the group remains highly leveraged and reliant on related-party financing. No dividend has been declared, and management’s focus remains on cash conservation and project execution amid a competitive and supply-heavy market.

If Holding the Stock: Investors currently holding Astaka Holdings may consider maintaining their position for exposure to the potential uplift from the completion of the Aliva and Arden projects and the medium-term benefits from the JS-SEZ and RTS Link. However, they should closely monitor cash flows, debt levels, and any signs of project delays or market oversupply, as well as the company’s ability to convert unbilled sales into cash.
If Not Holding the Stock: For investors not currently holding the stock, it may be prudent to adopt a wait-and-see approach. Entry could be considered if there are clear signs of sustained profitability, further de-risking of the balance sheet, and evidence that the company can capture the full potential of its development pipeline in a competitive environment.

Disclaimer: This analysis is based strictly on information provided in the company’s FY2025 report and does not constitute investment advice. Investors should conduct their own due diligence or consult a licensed financial adviser before making investment decisions.