Aspen (Group) Holdings (1F3) H1 2025 earnings summary

Executive summary

• H1 FY2025 revenue fell 27% YoY to RM106.9m; profit for the period was RM68.0m versus RM94.3m, with the current period benefiting from the RM74.1m KASB joint venture disposal gain.

• Vivo Service Apartment received its CCC in November 2024; lower completed-project sales and limited VERSA progress weighed on property revenue.

Financial highlights

• Revenue RM106.9m, down 27% YoY; gross profit RM22.0m, down 24% YoY.

• Operating profit RM73.2m versus RM5.4m; profit before tax RM68.7m versus RM1.7m, primarily reflecting the RM74.1m gain on KASB disposal.

• Profit from continuing operations RM68.0m versus a RM0.3m loss; prior-period profit included RM94.7m from discontinued operations.

• Net cash used in operating activities RM73.2m versus RM40.1m generated; investing activities generated RM73.7m, mainly from divestment proceeds.

Outlook and guidance

• Malaysian HOC extension through 31 Dec 2025 and 2025 Budget tax relief for eligible homebuyers are expected to support market offerings; relief applies to qualifying agreements from 2025–2027.

• Management plans to conserve cash in the soft property market; dividends may be considered when conditions improve.

• Vivo obtained CCC in November 2024; infrastructure growth in Batu Kawan includes BKIP3 and Bandar Cassia Tech Park, with completion expected in 2026.