Waja Konsortium Berhad Q3 2026: Financial Performance, Corporate Developments & Key Shareholder Updates
Key Highlights of the Third Quarter Ended 31 March 2026
- Revenue: RM3.74 million for Q3 2026, a significant drop from RM5.76 million in Q3 2025, and a sharp 62.7% decrease from RM10.05 million in the preceding quarter. The fall was mainly due to slower construction progress, particularly the deferment of main building works for the Solaris Tebrau Project.
- Profitability: Profit before tax (PBT) for Q3 2026 was RM0.83 million, down from RM1.47 million in Q3 2025 and RM1.34 million in the preceding quarter. The drop in profitability was attributed to lower gross profit from the construction segment.
- Profit Attributable to Owners: RM60,000 for the quarter, up slightly from RM59,000 in the preceding quarter, but down from RM94,000 a year ago.
- Cumulative Year-to-Date: For the nine months ended 31 March 2026, the group posted revenue of RM26.59 million (up from RM15.09 million in 2025) and PBT of RM4.68 million (up from RM3.70 million in 2025).
- Earnings Per Share: Basic and diluted EPS stood at 0.01 sen for Q3 2026, and 0.06 sen for the cumulative period.
Detailed Financial Position
- Total Assets: RM67.80 million as at 31 March 2026, up from RM57.74 million at 30 June 2025. The increase was mainly from a surge in contract assets and trade receivables.
- Shareholders’ Equity: RM41.94 million attributable to owners, RM7.88 million non-controlling interests. Net assets per share remained at RM0.04.
- Cash Position: The group’s cash and cash equivalents dropped significantly to RM329,000 at end-March 2026, from RM5.79 million at the start of the period. This was due to heavy use of cash in operating activities, mainly from significant increases in contract assets and payables.
- Debt: The group has minimal borrowings and lease liabilities. No material debt or new financial liabilities were reported.
Operational Segment Review
- General Construction: Remains the main revenue contributor, with RM24.88 million for the cumulative period. However, construction revenue fell sharply in Q3 due to project delays, especially for Solaris Tebrau.
- ICT Services: RM1.71 million revenue YTD. Segment profit was marginal (RM23,000 attributable to owners for the period), with lower project-based activity in Q3 as several major contract milestones were completed earlier.
- Investment Holding & Others: Continued to register a segment loss (RM1.69 million loss attributable to owners YTD).
Corporate & Regulatory Developments – Highly Price Sensitive
GN3 Status & Regularisation Plan: Waja Konsortium Berhad is classified as a GN3 (“Guidance Note 3”) affected listed issuer.
- On 10 October 2023, Waja triggered GN3 criteria and was required to submit a regularisation plan to Bursa Securities within 12 months.
- Multiple extensions were granted, with the final submission made via TA Securities on 22 December 2025.
- Bursa Securities approved the Proposed Regularisation Plan on 16 March 2026, and shareholders gave their approval on 23 April 2026.
- On 29 April 2026, the Company notified the Director General of Inland Revenue and the Companies Commission of Malaysia of the plan under Section 117(1) & (4) of the Companies Act 2016.
This series of events is highly price sensitive and will significantly affect the company’s future listing status, financial position, and investor confidence.
Project Pipeline & Prospects
- Solaris Tebrau Project: Facing slower progress due to deferment of main building works, affecting revenue recognition for the quarter. The project is entering the final phase of piling and substructure works.
- Collaboration Project in Klang: Waja Development Sdn Bhd, as co-developer and turnkey builder with Apex Point Development Sdn Bhd, started planning and design activities for a major mixed development in Klang. This is expected to contribute to future revenue.
- New Healthcare Project: On 10 September 2025, Waja Development Sdn Bhd secured a subcontract for the construction of a Type 3 Health Clinic in Pahang.
- ICT Division Growth: Oceantec Sdn Bhd secured a government hospital information system contract in December 2024, marking a strategic penetration into the digital healthcare sector.
Risks & Headwinds
- Persisting challenges in the construction sector: labour shortages, rising material and labour costs, and potential deferment of new project launches could impact project tenders and future growth.
- The group’s ability to execute its regularisation plan and successfully exit GN3 status will be critical for restoring investor confidence and supporting any share price recovery.
Other Noteworthy Items
- No dividends were declared or paid during the period, nor proposed as of this report.
- No material changes in estimates, capital commitments, or contingent liabilities/assets were reported.
- The group’s Employee Share Option Scheme (ESOS) saw the lapse of 10 million December 2022 options and 1 million February 2022 options, with 1 million options still outstanding.
- No outstanding derivative contracts or material litigations as of the reporting date.
Conclusion: Shareholder Action Points
Shareholders should pay close attention to the implementation of the regularisation plan and further company announcements regarding its GN3 status. This process, alongside the execution of new and ongoing projects, will be the primary driver of share price performance in the near term. The company’s weak cash flow position also warrants monitoring, especially in light of ongoing industry challenges.
Disclaimer
This article is provided for informational purposes only and does not constitute investment advice. Investors are urged to read the full interim report and consult with their licensed advisors before making any investment decisions. The company’s share price may be volatile as a result of the developments highlighted above.
Versi Bahasa Malaysia
Laporan Kewangan Suku Ketiga 2026 Waja Konsortium Berhad – Ulasan Lengkap untuk Pelabur
Poin Penting Suku Ketiga Berakhir 31 Mac 2026
- Hasil: RM3.74 juta untuk Q3 2026, turun ketara berbanding RM5.76 juta pada Q3 2025 dan merosot 62.7% dari RM10.05 juta pada suku sebelumnya. Penurunan ini berpunca daripada kemajuan perlahan projek pembinaan, terutamanya projek Solaris Tebrau.
- Keuntungan: Untung sebelum cukai (PBT) bagi Q3 2026 ialah RM0.83 juta, menurun dari RM1.47 juta pada Q3 2025 dan RM1.34 juta suku sebelumnya, terkesan oleh margin keuntungan kasar yang rendah dari segmen pembinaan.
- Keuntungan Kepada Pemilik: RM60,000 untuk suku ini, sedikit meningkat dari RM59,000 suku sebelumnya, tetapi lebih rendah berbanding RM94,000 setahun lalu.
- Jumlah Tahun ke Tarikh: Untuk 9 bulan berakhir 31 Mac 2026, kumpulan mencatat hasil RM26.59 juta (naik dari RM15.09 juta pada 2025) dan PBT RM4.68 juta (naik dari RM3.70 juta pada 2025).
- Pendapatan Sesaham: EPS asas dan dicairkan adalah 0.01 sen untuk Q3 2026 dan 0.06 sen untuk tempoh kumulatif.
Kedudukan Kewangan Terperinci
- Jumlah Aset: RM67.80 juta pada 31 Mac 2026, naik dari RM57.74 juta pada 30 Jun 2025, didorong oleh peningkatan aset kontrak dan penghutang perdagangan.
- Ekuiti Pemegang Saham: RM41.94 juta kepada pemilik, RM7.88 juta kepada kepentingan bukan kawalan. Aset bersih sesaham kekal RM0.04.
- Wang Tunai: Wang tunai kumpulan menurun ketara ke RM329,000 hujung Mac 2026 dari RM5.79 juta pada awal tempoh, akibat penggunaan tunai operasi yang tinggi.
- Hutang: Tiada pinjaman besar atau liabiliti kewangan baru dilaporkan.
Ulasan Segmen Operasi
- Pembinaan Umum: Penyumbang utama hasil (RM24.88 juta tahun ke tarikh), tetapi hasil Q3 merosot disebabkan kelewatan projek Solaris Tebrau.
- Perkhidmatan ICT: Hasil RM1.71 juta tahun ke tarikh, keuntungan segmen kecil, dengan aktiviti projek menurun pada Q3 berikutan milestone kontrak utama dicapai lebih awal.
- Pelaburan & Lain-lain: Terus mencatat kerugian segmen (RM1.69 juta tahun ke tarikh).
Perkembangan Korporat & Kawal Selia – Amat Sensitif Harga
Status GN3 & Pelan Pemulihan: Waja Konsortium Berhad diklasifikasi sebagai penerbit GN3.
- Pada 10 Oktober 2023, Waja mencetuskan kriteria GN3 dan perlu mengemukakan pelan pemulihan kepada Bursa dalam tempoh 12 bulan.
- Beberapa lanjutan masa diberikan, dengan penyerahan akhir melalui TA Securities pada 22 Disember 2025.
- Bursa Securities meluluskan Pelan Pemulihan pada 16 Mac 2026 dan pemegang saham meluluskan pada 23 April 2026.
- Pada 29 April 2026, syarikat telah memberi notis kepada LHDN dan SSM mengikut Akta Syarikat 2016.
Perkembangan ini sangat sensitif harga dan mampu memberi impak besar kepada status penyenaraian, kedudukan kewangan, dan keyakinan pelabur.
Projek & Prospek Masa Depan
- Solaris Tebrau: Kemajuan perlahan akibat tangguh kerja utama, menjejaskan pengiktirafan hasil suku ini. Fasa tapak dan substruktur hampir selesai.
- Projek Kolaborasi Klang: Waja Development Sdn Bhd sebagai pemaju bersama dengan Apex Point Development Sdn Bhd memulakan kerja reka bentuk untuk projek pembangunan bercampur di Klang.
- Projek Kesihatan Baru: Pada 10 September 2025, Waja Development Sdn Bhd menerima LOA sebagai subkontraktor Klinik Kesihatan Type 3 di Pahang.
- Pertumbuhan ICT: Oceantec Sdn Bhd mendapat kontrak sistem maklumat hospital kerajaan pada Disember 2024, menandakan penembusan strategik ke sektor kesihatan digital.
Risiko & Cabaran
- Cabaran berterusan dalam sektor pembinaan: kekurangan buruh, kenaikan kos bahan & buruh, serta kemungkinan penangguhan projek baru boleh menjejaskan pertumbuhan masa depan.
- Kejayaan pelaksanaan pelan pemulihan dan keluar dari status GN3 kritikal untuk memulihkan keyakinan pelabur dan harga saham.
Lain-lain Perkara Penting
- Tiada dividen diisytiharkan, dibayar atau dicadangkan untuk tempoh ini.
- Tiada perubahan ketara dalam anggaran, komitmen modal, atau liabiliti/kontinjen baru.
- Skim Opsyen Saham Kakitangan (ESOS) menyaksikan luputnya 10 juta opsyen Disember 2022 dan 1 juta opsyen Februari 2022, dengan 1 juta opsyen masih belum digunakan.
- Tiada kontrak derivatif atau litigasi material setakat tarikh laporan ini.
Kesimpulan: Perhatian Pemegang Saham
Pemegang saham perlu peka terhadap pelaksanaan pelan pemulihan dan pengumuman berkaitan status GN3 syarikat. Proses ini serta pelaksanaan projek baru dan sedia ada akan menjadi pemacu utama prestasi harga saham dalam masa terdekat. Kedudukan aliran tunai yang lemah juga wajar dipantau dalam persekitaran cabaran industri semasa.
Penafian
Artikel ini untuk tujuan maklumat sahaja dan bukan nasihat pelaburan. Pelabur dinasihatkan membaca laporan interim penuh dan mendapatkan nasihat daripada penasihat berlesen sebelum membuat sebarang keputusan pelaburan. Harga saham syarikat mungkin berubah-ubah susulan perkembangan seperti yang dinyatakan di atas.
