KUALA LUMPUR, 29 August 2025 – Propel Global Berhad, a provider of oil and gas (O&G) services and diversified engineering solutions, reported RM25.2 million in revenue for the fourth quarter ended 30 June 2025 (Q4 FY2025), compared to RM47.5 million in the same quarter last year. The Group recorded a loss before tax (LBT) of RM13.9 million, versus a profit before tax (PBT) of RM7.6 million in Q4 FY2024, reflecting the absence of one-off gains and slower progress in certain project segments.
Despite the weaker quarter, Propel Global reaffirmed its focus on operational discipline, strategic diversification, and sustainable growth, underpinned by Malaysia’s long-term infrastructure and energy outlook.
Segmental Performance
The O&G segment delivered RM17.9 million in revenue and RM1.7 million in PBT, an improvement from RM13.9 million in revenue last year, though profitability was lower due to the absence of a one-off income item recorded in Q4 FY2024. Growth was mainly supported by stronger radial cutting torch services and ongoing EPCC (Engineering, Procurement, Construction & Commissioning) projects.
The Technical Services (TS) segment posted RM6.0 million in revenue, down from RM31.5 million last year, with a loss before tax of RM6.5 million. The decline was attributed to fewer progress claims following the completion of several key projects, along with higher provisions for expected credit losses.
In the ICT segment, revenue stood at RM1.2 million with a loss of RM0.5 million, compared to RM2.1 million in revenue and RM0.8 million PBT last year. The lower performance reflected the absence of one-off service revenue recorded previously. However, underlying operations remained stable, and Propel Global is actively pursuing recurring contracts and digital solution opportunities to strengthen the division’s earnings base.
The Others segment recorded a loss before tax of RM8.6 million, largely due to fair value losses on financial assets, a subsidiary disposal, and corporate administrative costs.
CEO’s Outlook
Group CEO Angeline Lee acknowledged the tough year but stressed the company’s resilience:
“This financial year has been challenging, reflecting broader market conditions and project timing factors. Yet, we see encouraging developments in our pipeline and are pursuing several strategic opportunities. Our focus remains on operational discipline, prudent investments, and building long-term trust with clients and partners.”
She added that the Group’s consistency and reliability will strengthen its industry position, paving the way for future growth.
Industry Outlook
Malaysia’s 13th Malaysia Plan (2026–2030) allocates RM430 billion in development expenditure, including RM227 billion for infrastructure, public transport, and housing—offering new opportunities in construction and engineering. The O&G sector is also expected to stabilise from mid-2025, creating openings in EPCC, midstream services, and oilfield solutions.
Beyond O&G, Propel Global is sharpening its focus on the HVAC (Heating, Ventilation and Air Conditioning) market, which is projected to expand from USD1.17 billion in 2025 to USD1.47 billion by 2030, at a CAGR of 4.7%, driven by energy-efficient solutions. The Group also aims to expand its ICT capabilities to diversify its earnings base and strengthen resilience against cyclical downturns.
“While the pace of project awards has slowed amid cautious client sentiment, our strategic direction is clear. We remain committed to strengthening our diversified portfolio to deliver sustainable long-term growth,” Lee concluded.
