MUI Properties slips into 4Q loss on impairments; FY2026 profit jumps

PETALING JAYA (Aug 26): MUI Properties Bhd slipped into the red in the fourth quarter ended June 30, 2026 (4QFY2026), weighed down by an impairment loss on an investment property, a fair value loss on other investments and lower revenue.

Net loss attributable to owners of the company came in at RM25.07 million, or 3.38 sen per share, compared with a net profit attributable to owners of RM2.49 million, or 0.34 sen per share, a year earlier.

Quarterly revenue fell 42.3% to RM29.01 million from RM50.30 million, which the property developer attributed to the near completion of most of its industrial projects, according to its Bursa Malaysia filing on Wednesday (Aug 26).

The group recorded a loss before tax of RM23.33 million, against a profit before tax of RM14.34 million a year earlier.

MUI Properties said the quarterly loss was mainly attributable to a RM12.88 million impairment loss on an investment property, a fair value loss on other investments and lower revenue.

Its detailed results showed a RM5.89 million fair value loss on other investments, compared with a RM8.12 million fair value gain a year earlier. The group also recorded a RM5.62 million net foreign-exchange loss, narrower than RM14.52 million previously.

Full-year profit lifted by land sales

For FY2026, net profit attributable to owners jumped to RM83.42 million, or 11.26 sen per share, from RM2.03 million, or 0.27 sen per share, in FY2025.

Revenue nearly tripled to RM502.07 million from RM170.18 million, while profit before tax rose to RM243.53 million from RM32.81 million.

The group’s FY2026 profit after tax stood at RM168.97 million, of which RM85.55 million was attributable to non-controlling interests and RM83.42 million to owners of the company.

MUI Properties said the stronger full-year performance was mainly driven by higher revenue arising from the disposal of four contiguous parcels of freehold land in Bandar Springhill, Negeri Sembilan, to Gamuda DC Infrastructure Sdn Bhd.

West Synergy Sdn Bhd (WSSB), an indirect 60%-owned subsidiary of MUI Properties, had agreed to sell the four parcels to Gamuda DC Infrastructure, an indirect wholly-owned subsidiary of Gamuda Bhd, for RM424.4 million for a planned high-tech digital-infrastructure hub. The disposal was completed on Aug 13, 2025.

MUI Properties said WSSB had recognised the full balance of revenue from its two key land transactions with Gamuda DC Infrastructure and Antmed Malaysia Sdn Bhd during FY2026.

The Antmed transaction involved the disposal of 53 acres in Bandar Springhill for RM80.8 million and was completed on April 7, 2026.

The group said the transactions were expected to help transform Bandar Springhill into a high-technology and industrial hub, while enhancing the long-term value of its remaining landbank in the area.

As at June 30, MUI Properties had RM183.91 million in cash and bank balances and no group borrowings.

No further dividend was declared for FY2026. The company had previously paid an eight sen special dividend and a 3.5 sen second interim dividend, amounting to about RM85.21 million in total.

..........

EdgeProp monthly brings you data, insights and solutions for an evolving market. Subscribe now for your free copy!