Berjaya Assets Berhad Reports Strong Turnaround in Q3 FY2026: Revenue and Profit Surge, Key Business Segments Outperform
Highlights from the Q3 FY2026 Unaudited Interim Financial Report
- Revenue and Profit Surge: Berjaya Assets Berhad (“BAssets”) posted a significant turnaround for the period ended 31 March 2026, with revenue up 16% to RM224.0 million for the 9-month period and pre-tax profit swinging to RM50.1 million from a loss of RM11.3 million in the previous year. For the current quarter, revenue was RM78.3 million, up 28% year-on-year, and pre-tax profit jumped to RM27.8 million from RM1.1 million.
- Segment Performance:
- Property Development & Investment: Revenue jumped due to higher sales from Times Square 2 project. Segment delivered RM125.9 million in revenue, and contributed RM57.3 million to segment results.
- Hotel & Recreation: Strong performance driven by improved hotel occupancy and increased theme park ticket sales. Revenue was RM72.4 million, and segment results stood at RM8.9 million.
- Gaming (NFO Sarawak): Revenue was RM44.5 million. However, segment result was only RM0.53 million, as the business faced lower average revenue per draw.
- Vehicle Assembly: Notably, this segment saw higher income, contributing positively to the overall Group results.
- Jetty Operations: Increased ferry slots and demand for high-speed diesel boosted revenue.
- Reversal of Provision – Litigation Resolution: The Group accounted for a reversal of provision for liquidated ascertained damages amounting to RM10.4 million following the resolution of a share sale agreement litigation. This is a material, price-sensitive item that boosted profits and could affect investor sentiment.
- Cash Flow & Borrowings:
- Net cash from operating activities was RM96.7 million, and closing cash equivalents stood at RM29.6 million. However, financing activities used net cash of RM119.9 million, reflecting substantial repayments of borrowings.
- Total borrowings as at 31 March 2026 were RM510.98 million, split between short-term (RM245.9 million) and long-term (RM265.1 million), including RM107.4 million denominated in GBP.
- Earnings Per Share & Dividends:
- EPS rebounded to 1.51 sen for the 9-month period, compared to a loss of 0.63 sen in the prior year period. For the current quarter, EPS was 0.90 sen vs 0.01 sen a year ago.
- No dividends were declared for the current quarter, continuing the previous year’s policy.
- Taxation: The Group’s tax expenses were RM10.96 million for the period, with a disproportionate charge due to non-availability of group tax relief and certain expenses being disallowed.
- Balance Sheet:
- Total assets rose slightly to RM3.07 billion. Net assets per share improved to 73 sen (from 72 sen).
- Inventories – land held for development increased sharply to RM170.3 million, signaling potential future project launches.
- Litigation: The BTSSB tax litigation is ongoing, with hearing dates fixed for March 2027. No other material litigations were reported.
- Future Prospects:
- The Group expects satisfactory operating results for the remainder of FY2026, despite global economic uncertainties and domestic recovery risks.
- No profit forecasts or guarantees were provided. Management is cautiously optimistic, citing resilient domestic demand.
- Other Notables:
- No material changes in group composition, contingent liabilities, or capital commitments since the last audited statement.
Potential Price-Sensitive Factors for Shareholders
- Litigation Resolution: The RM10.4 million reversal of provision is a positive, non-recurring item, directly impacting reported profits and potentially affecting share price.
- Sustained Turnaround: The Group’s swing to profitability and robust segment results, especially in property and hotels, could re-rate investor expectations and attract buying interest.
- Rising Inventories: The sharp increase in land held for development signals upcoming projects, which may drive future earnings.
- Debt Position: While cash flows are strong, high borrowings, especially GBP-denominated, create exposure to currency and interest rate risks.
- No Dividend: Absence of dividends may disappoint income-focused investors, though reinvestment in growth is evident.
- Ongoing Litigation: While not immediately impacting results, the BTSSB tax case remains a potential risk overhang.
Conclusion
Berjaya Assets Berhad’s Q3 FY2026 results mark a significant turnaround, driven by property sales, hotel rebound, and litigation settlement. The Group’s diversified segments are showing strength, and the reversal of damages provision is a material boost to the bottom line. Investors should monitor the ongoing litigation, future project launches, and debt dynamics. Despite global uncertainties, management expects satisfactory performance for the year.
Disclaimer
This article is based on the unaudited interim financial report of Berjaya Assets Berhad for the period ended 31 March 2026 and is intended for informational purposes only. It does not constitute investment advice. Investors are advised to consult their financial advisors and review official filings before making investment decisions.
Berjaya Assets Berhad Catat Pemulihan Kukuh dalam Q3 FY2026: Pendapatan dan Keuntungan Melonjak, Segmen Utama Mengukuh
Ringkasan Laporan Interim Kewangan Q3 FY2026
- Peningkatan Pendapatan & Keuntungan: Berjaya Assets Berhad (“BAssets”) menunjukkan pemulihan ketara untuk tempoh berakhir 31 Mac 2026 dengan pendapatan naik 16% kepada RM224.0 juta untuk 9 bulan dan keuntungan sebelum cukai melonjak ke RM50.1 juta berbanding kerugian RM11.3 juta tahun sebelumnya. Untuk suku semasa, pendapatan RM78.3 juta (+28% yoy) dan keuntungan sebelum cukai melonjak ke RM27.8 juta dari RM1.1 juta.
- Prestasi Segmen:
- Pembangunan & Pelaburan Hartanah: Pendapatan melonjak didorong jualan projek Times Square 2; menyumbang RM125.9 juta kepada pendapatan dan RM57.3 juta kepada hasil segmen.
- Hotel & Rekreasi: Prestasi kukuh didorong kadar penginapan hotel dan jualan tiket taman tema yang meningkat. Pendapatan RM72.4 juta, hasil segmen RM8.9 juta.
- Gaming (NFO Sarawak): Pendapatan RM44.5 juta, tetapi hasil segmen hanya RM0.53 juta akibat penurunan hasil purata per cabutan.
- Pemasangan Kenderaan: Segmen ini mencatat peningkatan pendapatan, menyumbang positif kepada keputusan Kumpulan.
- Operasi Jeti: Lebih banyak slot feri dan permintaan diesel berkelajuan tinggi memacu pendapatan.
- Pembalikan Peruntukan – Penyelesaian Litigasi: Kumpulan membalikkan peruntukan kerugian berjumlah RM10.4 juta berikutan penyelesaian kes litigasi perjanjian jualan saham. Ini adalah item material dan sensitif harga yang meningkatkan keuntungan serta boleh mempengaruhi sentimen pelabur.
- Aliran Tunai & Pinjaman:
- Aliran tunai operasi bersih RM96.7 juta, baki tunai penutup RM29.6 juta. Aktiviti pembiayaan menggunakan tunai bersih RM119.9 juta, menandakan pembayaran balik pinjaman yang besar.
- Jumlah pinjaman pada 31 Mac 2026 ialah RM510.98 juta, termasuk RM107.4 juta dalam GBP.
- EPS & Dividen:
- EPS pulih ke 1.51 sen untuk 9 bulan, berbanding kerugian 0.63 sen tahun lalu. Untuk suku semasa, EPS 0.90 sen vs 0.01 sen sebelumnya.
- Tiada dividen diumumkan untuk suku semasa, selari dengan dasar tahun lalu.
- Cukai: Perbelanjaan cukai RM10.96 juta untuk tempoh, dengan caj tidak seimbang akibat tiada relief cukai kumpulan dan beberapa perbelanjaan tidak diterima cukai.
- Kedudukan Kewangan:
- Jumlah aset meningkat sedikit kepada RM3.07 bilion. Nilai aset bersih sesaham naik ke 73 sen.
- Inventori – tanah untuk pembangunan meningkat mendadak ke RM170.3 juta, menandakan potensi pelancaran projek baharu.
- Litigasi: Kes litigasi cukai BTSSB masih berjalan, dengan tarikh perbicaraan ditetapkan Mac 2027. Tiada litigasi material lain dilaporkan.
- Prospek Masa Depan:
- Kumpulan menjangka keputusan operasi yang memuaskan untuk baki FY2026, walaupun terdapat ketidakpastian ekonomi global dan risiko pemulihan domestik.
- Tiada ramalan keuntungan atau jaminan diberikan. Pengurusan berhati-hati tetapi optimis.
- Lain-lain:
- Tiada perubahan material dalam komposisi kumpulan, liabiliti kontingen, atau komitmen modal.
- Tiada latihan korporat tertunda.
Faktor Sensitif Harga untuk Pemegang Saham
- Penyelesaian Litigasi: Pembalikan RM10.4 juta adalah item positif, sekali sahaja dan boleh mempengaruhi harga saham.
- Pemulihan Berterusan: Pemulihan keuntungan dan prestasi segmen yang kukuh boleh meningkatkan keyakinan pelabur.
- Inventori Meningkat: Pertambahan tanah untuk pembangunan menandakan projek akan datang, berpotensi memacu pendapatan masa depan.
- Posisi Hutang: Hutang tinggi, terutamanya denominasi GBP, mencipta risiko kadar faedah dan mata wang.
- Tiada Dividen: Ketiadaan dividen mungkin mengecewakan pelabur berorientasi pendapatan, walaupun pelaburan semula untuk pertumbuhan jelas.
- Litigasi Berterusan: Kes cukai BTSSB kekal sebagai potensi risiko.
Kesimpulan
Keputusan Q3 FY2026 Berjaya Assets Berhad menunjukkan pemulihan kukuh, didorong jualan hartanah, pemulihan hotel, dan penyelesaian litigasi. Segmen yang pelbagai menunjukkan kekuatan, dan pembalikan peruntukan kerugian adalah dorongan material kepada keuntungan. Pelabur perlu memantau litigasi, pelancaran projek masa depan, dan dinamik hutang. Walaupun ketidakpastian global, pengurusan menjangka prestasi yang memuaskan untuk tahun ini.
Penafian
Artikel ini berdasarkan laporan interim kewangan tidak diaudit Berjaya Assets Berhad untuk tempoh berakhir 31 Mac 2026 dan bertujuan untuk maklumat sahaja. Ia bukan nasihat pelaburan. Pelabur dinasihatkan berunding dengan penasihat kewangan dan menyemak dokumen rasmi sebelum membuat keputusan pelaburan.
