Propel Global seeks shareholder approval to diversify into property development
After launching its maiden commercial project in Kuantan in June this year, Propel Global Bhd is now moving to expand its revenue streams beyond oil and gas services. The move comes as the company recorded annual losses for the second consecutive year for the financial year ended 30 June 2026.
Highlights
- Propel Global will seek shareholder approval to diversify into property development and launch a RM64 million commercial project in Kuantan.
- The property development business is expected to contribute more than 25% of the group's future net profit, according to a Bursa Malaysia filing.
- Net loss widened to RM27.2 million for the financial year ended 30 June 2026, revenue fell nearly 28% to RM80.4 million, and shares were last traded at six sen apiece.
This article was translated from the original. Read the original version by our correspondent here.
Diversification plan and maiden project in Kuantan
As reported by The Edge Malaysia, Propel Global will seek shareholder approval to diversify its business into property development following the launch of its first commercial project in Pahang.In a filing with Bursa Malaysia, the company said its property development business is expected to contribute more than 25% of the group's net profit in the future. Its subsidiary, Propel Global Development Sdn Bhd, began earthworks in June for a riverside commercial shoplot project in Kuantan with a gross development value of RM64 million.
Financial pressure drives new growth avenues
The diversification effort comes as Propel Global's financial performance remains under pressure. The company's net loss widened to RM27.2 million for the financial year ended 30 June 2026, from RM24.2 million a year earlier, as all its business segments grew more slowly.The decline was mainly due to lower progress billings from engineering, procurement, construction and commissioning projects in the oil and gas segment, as well as reduced mechanical and electrical maintenance work. Revenue fell nearly 28% to RM80.4 million.
Propel Global shares were last traded at six sen apiece, giving the company a market capitalisation of RM51.97 million.
In our earlier report on the RM1.23 billion contract awarded to IJM Corporation to build AT&S's semiconductor manufacturing facility at Kulim Hi-Tech Park, we outlined the scope of the design-and-build project, covering production buildings, central utilities and wastewater treatment facilities, including the targeted completion timeline. We also highlighted how the award strengthens IJM's order book and supports AT&S's operational expansion, in line with demand for high-tech IC and PCB substrates and Malaysia's efforts to strengthen its value-added E&E ecosystem.
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