Southern Score posts best-ever 9M earnings, eyes Bursa main market transfer
Net profit also grew by 39.4% year-on-year (YoY) to RM10.0 million, up from RM7.2 million in Q3 FY24.
For the nine-month (9M) of FY25, Southern Score recorded a revenue of RM140.0 million, representing a YoY increase of RM32.9 million or 30.7% from RM107.1 million in the 9M FY24.
The double-digit growth was driven mainly by the group's mechanical and electrical (M&E) arm, SJEE Engineering Sdn Bhd's (SJEE) maiden contribution as well as higher revenue from turnkey construction
services following the commencement of the Platinum Melati Residences project.
At the bottom line, net profit jumped 53.8% YoY to RM28.6 million, up from RM18.6 million in 9M FY24.
The growth was attributed to cost savings from the main building work projects of Vista Harmoni Sentul Residences and PV 22 Residences.
Notably, this marks Southern Score's highest-ever net profit for a nine-month period.
Executive director and CEO Gan Yee Hin said the company delivered its best-ever nine-month bottom-line performance.
'This was partly driven by the maiden contribution from our M&E arm — a clear indication that our investment is already yielding results.
'Looking ahead, we continue to be upbeat on the prospects as we see vast opportunities for both our construction and M&E divisions,' he said.
Gan also noted that the Department of Statistics Malaysia reported that the value of work done in the construction sector continued its upward trend, recording a moderate increase of 16.6% to RM42.9 billion in the first quarter of 2025.
Meanwhile, the Malaysian data centre market is projected by Arizton Advisory & Intelligence to reach US$13.6 billion by 2030 from US$4.0 billion in 2024.
On top of that, the Johor-Singapore Special Economic Zone (JS-SEZ) opens up new opportunities for us as it is attracting interest from multinational corporations, particularly in the medical, pharmaceutical, and artificial intelligence (AI) sectors, which are exploring potential investments in the
area.
'These positive developments bode well for the group, and with our technical expertise and proven track record, we are well-positioned to seize the opportunities ahead,' Gan said.
To recap, SJEE had in April 2025 secured a RM51.4 million M&E contract for a data centre project at Elmina Business Park, Selangor.
'This boosted the order book of our M&E arm to RM105.7 million, while the order book for the construction segment stands at RM1.3 billion as of end-April 2025.
'This gives us clear earnings visibility in the coming years,' said Gan.
On the corporate front, Gan said the group had proposed in March 2025 to undertake the transfer of the listing and quotation for Southern Score's entire issued share capital from the ACE Market to the Main Market of Bursa Malaysia.
'The transfer represents another major milestone for everyone at SSBB. We believe this exercise will enhance the group's corporate profile, credibility, and reputation, while according Southern Score a greater recognition and following amongst institutional investors.
'Besides, the transfer would boost the confidence of all our stakeholders and better reflect our group's current scale of operations,' said Gan.
Southern Score board expects the transfer to be completed within the second half of 2025, barring any unforeseen circumstances and subject to all required approvals being obtained.
Gan said the group had proposed in March 2025 to undertake the transfer of the listing and quotation for Southern Score's entire issued share capital from the ACE Market to the Main Market of Bursa Malaysia.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
2 hours ago
- The Sun
AirAsia signs US$12.25 billion deal for 50 A321XLRs with rights for 20 more
PETALING JAYA: AirAsia Bhd, a wholly owned subsidiary of Capital A Bhd, has signed a landmark agreement with Airbus valued at US$12.25 billion (RM51.75 billion) for 50 A321XLRs with rights for 20 more. With the agreement, the airline is taking a major step towards becoming the world's first low-cost narrow-body network carrier, anchored by its multi-hub strategy. The aircraft are scheduled for delivery from 2028 through 2032. Witnessed by Prime Minister Datuk Seri Anwar Ibrahim, the agreement was signed in Paris on Friday between Capital A CEO Tan Sri Tony Fernandes and Airbus Commercial Aircraft CEO Christian Scherer. Fernandes, who is also adviser and steward of AirAsia Group, said: 'We pioneered low-cost travel in Asia – now we are taking it to the next level. AirAsia is on a transformative journey to become the world's first low-cost network carrier. This is about exponential growth, connecting geographies beyond Asean, and making flying even more democratic. 'We gave people in Asean the opportunity to explore Asia – now we want the world to see Asean, and Asean to see the world. The A321XLR and A321LR are the game-changers enabling this vision, and we are proud to lead the charge in making our world smaller. We can't wait to paint the skies even wider in red.' Scherer said: 'We are pleased to confirm this agreement, as AirAsia Group begins its next development chapter. Having resumed its growth trajectory, which we salute and support, the airline is creating solid fleet efficiencies, allowing global network expansion. The A321XLR unlocks new opportunities for AirAsia to launch non-stop flights linking primary and secondary cities all around the globe.' The next-generation A321XLRs will operate alongside AirAsia's all-Airbus fleet of A320 and A330 aircraft, supporting its long-term strategy to deliver connectivity across Asia and beyond, while maintaining a low-cost model through improved route economics, enhanced aircraft utilisation and fleet efficiency. AirAsia Group aims to carry 150 million guests annually by 2030, reaching a cumulative total of 1.5 billion guests since inception. The new fleet plays a pivotal role in this transformation. AirAsia's multi-aircraft strategy enables the airline to match capacity with demand, reduce fuel consumption and support a sustainable, cost-effective growth model in a highly competitive global landscape. The A321XLR offers up to 20% lower fuel burn per seat than the Airbus A321neo aircraft, significantly improving emissions performance and operating efficiency.
The Sun
2 hours ago
- The Sun
Malaysia's fiscal position improving as consolidation efforts start to pay off: Economist
KUALA LUMPUR: Malaysia's fiscal consolidation efforts are beginning to bear fruit, with measures to narrow the deficit and reduce government debt gaining traction despite criticism, signalling a positive outlook for the country's sovereign credit ratings. 'Our foreign reserves have risen to US$119.9 billion (RM507 billion) from US$115.5 billion in the first half of 2025, while foreign ownership of Malaysian Government Securities increased to 35.6% in May from 32% in January. 'This reflects a positive view of the government of Malaysia's creditworthiness,' Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid told Bernama. Although the country's fiscal position is improving, with the deficit narrowing to 4.5% of gross domestic product (GDP) from 5.7% previously, he highlighted that for the rakyat, fiscal consolidation translates to larger allocations for government assistance programmes, including the Sumbangan Asas Rahmah (Sara) and Sumbangan Tunai Rahmah (STR). As of the first half of 2025, Malaysia's fiscal deficit has improved to RM34 billion, compared to RM46 billion in the same period last year. 'The government coffers are improving as fiscal consolidation progresses. The government allocated RM13 billion for the STR and Sara programmes in 2025, the highest ever distributed for cash aid in Malaysia, compared to RM10 billion last year,' Mohd Afzanizam said. He further stated that the number of cash aid recipients had increased to 5.4 million from the previous 700,000 beneficiaries, showing that the assistance is now being better targeted rather than disbursed through blanket subsidies. Mohd Afzanizam noted that this could potentially lead to a more favourable credit review, with Malaysia's current sovereign credit ratings standing at A3 (Moody's), A- (S&P Global Ratings), and BBB+ (Fitch Ratings). 'The realignment of subsidies and continued fiscal consolidation will eventually yield positive outcomes and improve the government's financial position,' he added. Transitioning to external factors, Mohd Afzanizam said the global environment has a bearing on Malaysia's economic outlook, particularly developments in the United States. He pointed out that the US is no longer rated triple-A across the board, with current sovereign credit ratings at Aa1 (Moody's), AA+ (S&P Global Ratings), and AA+ (Fitch Ratings). 'This signals that the US government's ability to manage its debt is not as strong as before. 'All three major rating agencies now classify US debt around AA+ or Aa1, reflecting rising concerns over fiscal deficits, mounting debt levels and political gridlock.' Mohd Afzanizam said the erosion of credit strength reduces the appeal of US assets and accelerates global de-dollarisation trends. 'Geopolitical tensions are also contributing to this shift, as more countries look to diversify their trade partnerships and reduce reliance on the US dollar.' He also cautioned that recent US policy proposals could place further downward pressure on the greenback, citing the US Senate's proposal involving tax cuts totalling US$4.5 trillion, to be funded by reductions in social spending, including healthcare aid programmes, and clean energy subsidies. 'The tax cuts mainly benefit high-income earners, who generally have a lower marginal propensity to consume. They tend to spend more on luxury items rather than everyday goods, so the stimulus effect on GDP growth may be limited,' Mohd Afzanizam explained. He warned that, combined with new US tariff measures, the policy could increase business costs and consumer prices, potentially weighing on long-term economic growth. 'I believe the US dollar is on a weaker long-term trajectory due to several structural factors,' he concluded. On Friday, the ringgit closed at 4.2180/2260 against the greenback, having appreciated by 5.8% since the beginning of the year.
The Star
3 hours ago
- The Star
China's EV price war dashes profit hopes of 90% of brands, AlixPartners says
Less than 10 per cent of electric vehicle (EV) brands in China will turn a profit in the next five years, as the industry grapples with a price war and chronic overcapacity, according to AlixPartners. However, the country's top EV players were expected to double their market share in Europe to 10 per cent by 2030, the consultancy said in its latest report on the global car industry on Thursday. Of the 129 EV brands currently produced by about 50 carmakers, only 10 of them - up to 15 in an optimistic scenario - were expected to become profitable by 2030, and they could account for nearly 75 per cent of the mainland's EV market, said Stephen Dyer, Greater China co-leader and head of Asia automotive practice at AlixPartners. 'China is one of the most competitive new-energy vehicle markets in the world, with intense price wars, rapid innovation and new entrants constantly raising the bar,' he said. 'This environment has driven remarkable advances in technology and cost efficiency, but it has also left many companies struggling to achieve sustainable profitability.' Dyer said the number of profitable EV makers could fall to fewer than 10 by 2030 if the unrelenting discounts continue, further squeezing profit margins. By 2030, EVs – which comprise pure electric and plug-in hybrids – would account for 76 per cent of the mainland's new car sales, or 20 million units, AlixPartners estimated. China was the world's largest automotive market in 2024, with EV sales accounting for more than 60 per cent of the global total, according to the China Passenger Car Association. But only half of the nation's EV production capacity of 20 million units a year was utilised in 2024, according to AlixPartners. Among the mainland EV builders, only BYD, the world's largest EV maker; Li Auto, Tesla's nearest rival in China; and Aito, backed by telecommunications equipment giant Huawei Technologies, are profitable. Dyer said an ongoing discount war could accelerate the pace of consolidation in China's EV sector, with players selling fewer than 1,000 units a month likely to be edged out soon. Chinese carmakers cut prices on a total of 70 EVs and petrol models in the final week of May, according to the 21st Century Business Herald newspaper, capitalising on state subsidies to draw buyers. Beijing offers a 20,000 yuan (US$2,790) trade-in rebate for EV purchases and 15,000 yuan for petrol-powered cars. EV buyers are also exempt from paying a 10 per cent sales tax. Chinese EV builders were also leveraging cost advantages and other incentives, such as insurance subsidies, cash rebates and zero-interest financing, to maintain market share and improve affordability, Dyer said. Nick Lai, head of auto research in Asia-Pacific at JPMorgan, told the Post in May that buoyant exports would help shore up Chinese EV makers' profitability because their cars enjoy bigger margins overseas. AlixPartners predicted that Chinese EV makers would boost their annual production in Europe by 800,000 units by 2030, without providing details. Chinese EVs face additional tariffs of 17 to 35.3 per cent in the European Union since October following a year-long anti-subsidy investigation. - SOUTH CHINA MORNING POST
