Berjaya Corp property segment swings to RM33.9m profit in FY2026
Berjaya Corp Bhd's property segment returned to profit in FY2026, posting RM33.90 million against a RM41.30 million loss a year earlier, driven by higher progress billings from Residensi Oak, Pangsapuri Azalea and Jesselton Courtyard. External revenue surged 85.4 per cent to RM503.58 million.
PETALING JAYA (Nov 2) — Berjaya Corp Bhd's property segment returned to profit in the financial year ended June 30, 2026 (FY2026), as higher progress billings from residential developments helped lift external revenue by 85.4 per cent to RM503.58 million from RM271.63 million a year earlier. The segment posted a profit of RM33.90 million, compared with a loss of RM41.30 million in FY2025. The group disclosed this in its annual report filed with Bursa Malaysia on Friday (Oct 30).
Berjaya Corp attributed the stronger property performance mainly to higher progress billings from Residensi Oak in Bukit Jalil, Pangsapuri Azalea in Subang Heights and Jesselton Courtyard at Jesselton Selatan in Penang. This was partly offset by lower residential unit sales from another local development project. The carrying value of the group's land held for property development, including development costs, stood at RM2.28 billion at end-June, compared with RM2.80 billion a year earlier.
On its development operations, Residensi Oak, which has a gross development value (GDV) of RM392.3 million, recorded sales of 166 units worth RM119.9 million during FY2026. The project comprises 350 units across two 30-storey residential towers. Pangsapuri Azalea, a 402-unit affordable housing development, recorded sales of 284 units worth RM71 million during the year, with overall construction reaching 81 per cent completion. In Penang, Jesselton Courtyard comprises 239 units on 11.908 acres of freehold land. As at June 30, 2026, a total of 39 units had been sold for RM158 million.
The group also launched Bayu Timur Residences, a RM308 million GDV development in Berjaya Park, Kota Kemuning, in December 2025. The 518-unit freehold project recorded sales of 19 units worth RM11 million as at end-June and is expected to be completed by early 2029. Its property development division recorded revenue of RM467.4 million and pre-tax profit of RM32.6 million for FY2026.
Meanwhile, the property investment division's revenue rose to RM23.2 million from RM21.8 million, supported by higher rental billings from new tenants, rental revisions and marginally improved occupancy at some properties. However, the division swung to a pre-tax loss of RM12.4 million from a profit of RM0.1 million, mainly due to an unfavourable RM7 million fair value adjustment on investment properties and a RM4.4 million impairment loss on amounts owed by related companies. The division's four properties — Plaza Berjaya, Kota Raya Complex, Wisma Cosway and Berjaya Megamall — recorded an average occupancy rate of 77 per cent during the financial year.
At group level, Berjaya Corp's net loss attributable to shareholders narrowed to RM339.22 million from RM541.97 million, while revenue declined 4.2 per cent to RM8.98 billion from RM9.38 billion. Its pre-tax loss narrowed to RM141.88 million from RM388.09 million. The group attributed the improvement in its pre-tax performance mainly to lower net investment-related expenses and better operating performance from the property segment and food retail business.
