SkyWorld’s FY2026 sales hit RM1 bil, unbilled sales jump to RM1.1 bil on KL and Penang launches

PETALING JAYA (May 27): SkyWorld Development Bhd wrapped up its financial year ended March 31, 2026 (FY2026) with stronger sales momentum and a much deeper order book, underpinned by steady progress across its Klang Valley portfolio and a successful first foray into Penang.

In its Bursa filing yesterday, the urban-focused developer, said that for the fourth quarter ended March 31 (4QFY2026), it had grown revenue by 15.5% year-on-year to RM132.2 million from RM114.5 million, powered mainly by six active developments — Vesta Residences, SkyAman 1 Residences, SkyAwani PR1MA Residences, SkyAwani 6 Residences and SkyAwani Pearlmont Residences Phase 1 — alongside Curvo Residences, which moved into its completion and handover phase. 

Over the full financial year, SkyWorld delivered RM430.5 million in revenue, supported by progressive billings from ongoing and newly launched projects in Kuala Lumpur and Penang.

Sales execution stayed ahead of revenue recognition. The group achieved RM1.0 billion in property sales during FY2026, driven by strong market take-up for recent launches. As at March 31, unbilled sales more than doubled to RM1.1 billion from RM500 million a year earlier, providing significantly stronger earnings visibility as these projects are progressively delivered. 

Management views this enlarged sales backlog as a key buffer for future performance as it scales beyond the Klang Valley.

SkyWorld also continued to invest in its growth pipeline. During FY2026, it rolled out projects in Kuala Lumpur and Penang with a combined gross development value (GDV) of RM1.6 billion, and remains on track with its post-IPO roadmap. 

Since listing, the group has launched RM2.8 billion in cumulative GDV and is targeting an estimated launch pipeline exceeding RM2.0 billion across Malaysia and Vietnam heading into FY2027, keeping it on course to meet its cumulative launch target of at least RM4.6 billion by end-2026.

The balance sheet remains comparatively resilient despite ongoing landbanking and project rollouts. Total assets rose to RM2.08 billion as at end-March 2026 from RM1.53 billion a year earlier, largely on higher land held for development, contract assets and completed inventories. 

Equity attributable to owners edged up to RM897.8 million from RM880.0 million, lifting net assets per share to 91 sen from 88 sen. Total borrowings and lease liabilities increased to RM572.1 million from RM449.8 million, translating into gross gearing of 0.63 times and net gearing of 0.25 times, supported by a cash balance of over RM300 million.

Reflecting its commitment to shareholder returns, the board has proposed a final single-tier dividend of 0.38 sen per share for FY2026, to be paid on July 15, 2026, subject to approval. Together with the 0.22 sen interim dividend paid in January 2026, total dividends for the year amount to 0.60 sen per share.

On the earnings line, near-term profitability has come under some pressure as the group pivots into new markets and carries higher financing and development costs. In 4QFY2026, profit before tax (PBT) came in at RM19.2 million versus RM29.1 million a year earlier, with profit attributable to owners at RM5.8 million compared with RM18.3 million previously. 

For FY2026, PBT stood at RM52.8 million against RM84.6 million in FY2025, while profit attributable to shareholders was RM30.0 million versus RM56.2 million, mainly reflecting a shift in revenue mix towards projects with lower margins, an upward revision in budgeted costs for Vesta Residences, higher finance costs and unrealised foreign exchange losses.

Looking ahead to FY2027, SkyWorld remains cautiously optimistic. 

The group expects progressive revenue from ongoing and newly launched projects, together with sales of completed units and its enlarged GDV pipeline in Malaysia and Vietnam, to support “satisfactory” operational and financial performance, even as it continues to navigate cost pressures and a more uncertain global backdrop.

..........

EdgeProp brings you another month of data-driven insights, exclusive interviews, and market commentaries. Subscribe now for your free copy!