Aspen (Group) Holdings (1F3) H2 2025 earnings summary

Executive summary

• FY2025 results improved as revenue grew 6% to RM246.9m and profit after tax rose to RM64.1m; positive operating results included a substantial disposal gain.

• Strategy refocused on property development, with exits from non-core businesses, stronger balance-sheet discipline and joint ventures to expand the development pipeline.

Financial highlights

• Revenue was RM246.906m, up from RM233.378m; gross profit increased 115% to RM61.424m from RM28.596m.

• Operating results were RM77.139m, versus a RM48.364m loss; other income included a RM74.081m gain on disposal of a joint venture.

• Profit after tax was RM64.072m versus RM32.314m; profit attributable to owners was RM66.236m versus RM38.254m.

• Basic and diluted EPS were 6.12 sen, comprising 5.37 sen from continuing operations and 0.75 sen from discontinued operations; FY2024 total EPS was 3.53 sen.

• Total assets were RM894.905m, down from RM983.824m; shareholders' funds rose to RM294.722m from RM228.486m.

Outlook and guidance

• Malaysia GDP was projected to grow 4%–4.8% in 2025; Penang was expected to outpace the national average as Batu Kawan industrial expansion supports employment and housing demand into 2026.

• Pipeline includes MORI @ Park Enclave in Batu Kawan, a premier freehold Tanjung Bungah project, a Kajang high-rise and a 36-acre Perai mixed development.

• Viluxe Phase 2 Courtyard Collection comprises 61 landed homes; the official launch was scheduled for September 2025 after a July soft launch.

• Versa remains under development, with completion targeted for 2027; water-harvesting systems are in progress and Green Certification is a FY2026 target.

• Management expressed confidence in sustaining growth, supported by the project pipeline, housing tax reliefs and infrastructure and financing measures under the 13th Malaysia Plan.