IOI Properties doubles full-year net profit to RM2.15b and lifts dividend to 16 sen; Sunway posts higher quarterly profit as reporting season peaks

IOI Properties' full-year net profit doubles to RM2.15b as revenue hits record RM4.44b and dividend rises to 16 sen

IOI Properties Group Bhd's net profit for the financial year ended June 30, 2026 more than doubled to RM2.15 billion from RM1.06 billion, as revenue rose 45% to a record RM4.44 billion, according to a Bursa Malaysia filing on Thursday. Earnings per share rose to 39.13 sen from 19.32 sen.

Pre-tax profit jumped 82% to RM2.65 billion, boosted by a RM502.8 million remeasurement gain on the South Beach development in Singapore. IOI Properties said pre-tax profit excluding exceptional items rose 91% to RM1.30 billion, driven by its property development and property investment segments. Fourth-quarter net profit fell 36.5% to RM523.11 million from RM823.93 million, as fair-value gains on investment properties dropped to RM288.12 million from RM915.58 million, even as quarterly revenue rose 55.8% to RM1.39 billion. The developer declared an interim dividend of eight sen and a special dividend of eight sen, both payable on Sept 24, doubling the full-year payout to 16 sen from eight sen a year earlier.

Group CEO Datuk Lee Yeow Seng said full-year property sales reached RM3.91 billion, with Malaysian projects contributing 91%, lifting unbilled sales to a record RM2.51 billion. The group said its proposed real estate investment trust had received approval from the Securities Commission Malaysia and remained on track for a fourth-quarter 2026 listing.

Sunway's second-quarter net profit rises to RM318.59m as healthcare gain lifts half-year earnings to RM9.73b

Sunway Bhd's net profit attributable to shareholders rose 16.7% to RM318.59 million for the second quarter ended June 30, 2026 from RM272.95 million a year earlier, as revenue increased 13.4% to RM2.91 billion, according to a Bursa Malaysia filing on Thursday. Profit after tax, before minority interests, rose to RM409 million from RM329 million.

First-half net profit rose to RM9.73 billion from RM463.51 million, largely because Sunway recognised a RM9.0958 billion one-off, non-cash gain from remeasuring its previously held interest in Sunway Healthcare Holdings Bhd to fair value after obtaining control of the business following its March listing. The healthcare business had previously been equity-accounted and was subsequently consolidated. Excluding the remeasurement gain, the group said first-half pre-tax profit rose 36.9%.

The property development segment lifted second-quarter revenue 15.2% to RM405.0 million, with pre-tax profit up 57.2% to RM82.0 million, while property investment revenue rose 18.2% to RM263.4 million, supported by the leisure division and the newly acquired Sunway Wangsa Mall. The group declared a first interim dividend of three sen per share, payable on Oct 15.

Tropicana's quarterly revenue jumps 158% on land sales and pre-tax profit doubles, but tax charge pushes group into net loss

Tropicana Corp Bhd's revenue rose 157.7% to RM850.77 million for the second quarter ended June 30, 2026 from RM330.18 million, after the developer completed three land sales in Johor Bahru and Selangor for a combined RM513.8 million, according to a Bursa Malaysia filing on Thursday. Pre-tax profit more than doubled to RM21.88 million from RM10.65 million.

The group nonetheless recorded a net loss attributable to owners of RM12.70 million, against a profit of RM1.25 million a year earlier, after an income-tax expense of RM39.41 million, compared with RM169,000 previously. Tropicana said the effective tax rate was higher than the statutory rate mainly because certain expenses were not deductible.

For the first half, revenue rose 97.2% to RM1.16 billion, though pre-tax profit fell 43.1% to RM9.09 million after a RM23.1 million unrealised loss on quoted shares. The group said total borrowings fell 4% to RM2.64 billion and unbilled sales stood at RM1.4 billion. It also said MARC Ratings had revised the outlook on its rating to positive from stable.

Johor leads Asia Pacific in data-centre pipeline capacity, Cushman & Wakefield says

Johor was Asia Pacific's largest data-centre market by combined operational, under-construction and planned capacity in the first half of 2026, according to Cushman & Wakefield. The consultancy put the total at 4,198MW, comprising 1,110MW of operational IT capacity, 602MW under construction and 2,486MW in planning. Operational capacity rose 24% from the second half of 2025, while colocation vacancy tightened to 0.7%.

Malaysia led Southeast Asia with 1,039MW under construction, ahead of Thailand's 859MW, while Cushman & Wakefield placed Johor in its Powerhouse category alongside Tokyo, Beijing, Sydney and Mumbai. The report said power availability was becoming the main constraint on where new capacity could be built, with growth shifting towards locations able to provide scalable power, land and connectivity. Johor has also tightened sustainability and approval standards, which the consultancy said could moderate the pace of future approvals while improving the quality of the pipeline.

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A heavy reporting day put developers’ earnings in focus, with IOI Properties more than doubling full-year net profit on record revenue and Sunway posting stronger second-quarter earnings, while its first-half result was lifted by a RM9.1 billion one-off healthcare remeasurement gain. Tropicana’s quarterly revenue jumped 158% and pre-tax profit more than doubled, although a RM39.41 million tax expense contributed to an attributable net loss. Mah Sing, AME Elite, Chin Hin, Avaland and Sunsuria also reported their latest results, while Tanco and Magna Prima ended their respective quarters in the red. Beyond earnings, Cushman & Wakefield ranked Johor as Asia Pacific’s largest data-centre market by combined operational, under-construction and planned capacity, highlighting the state’s expanding pipeline as power availability emerges as a key constraint on further growth.