Propel Global Posts RM23.6 Million Revenue in Q3 FY2025
Group Maintains Strategic Momentum with Solid Performance from Oil & Gas Division
KUALA LUMPUR, 6 DECEMBER 2024 – PROPEL GLOBAL BERHAD ("Propel Global" or the "Group”), a provider of oil and gas (“O&G”) services, services, today announced its financial results for the third quarter ended 31 March 2025 (“Q3 FY2025”), delivering revenue of RM23.6 million. While the figure is lower compared to RM65.8 million recorded in Q3 FY2024, the decline reflects a transitional phase attributed to the completion of major construction projects in the Technical Services (“TS”) segment.
The Group reported a reduced loss before tax (“LBT”) of RM0.9 million in Q3 FY2025, an improvement from the LBT of RM2.1 million in Q3 FY2024. The improvement was primarily driven by the absence of the share-based payment charges and the recognition of a RM1.0 million bad debt recovery during the quarter.
In the O&G segment, revenue stood at RM18.8 million, supported by ongoing Engineering, Procurement, Construction & Commissioning (“EPCC”) and Heating, Ventilation and Air Conditioning (“HVAC”) projects. Although slightly lower than RM30.1 million in Q3 FY2024, the segment continued to be profitable with a PBT of RM2.4 million, down from RM3.3 million in the same quarter last year due to lower contributions from radial cutting torch services.
TThe TS segment recorded revenue of RM3.2 million, a significant reduction from RM33.5 million in Q3 FY2024, reflecting the natural tapering of progress claims following the completion of key construction projects. Nonetheless, the segment remained profitable with a modest PBT of RM0.3 million.
The ICT segment contributed RM1.5 million in revenue and RM0.1 million in PBT, lower than RM2.2 million and RM0.8 million respectively in the same period last year. The reduction was mainly due to the absence of one-off service income recorded in Q3 FY2024.
Meanwhile, the Others segment, which includes corporate-level expenses, posted a lower LBT of RM3.8 million compared to RM6.9 million in Q3 FY2024. The improvement was due to tighter cost controls and the absence of non-recurring items, such as share-based payment charges incurred last year.
For the cumulative nine-month period ended 31 March 2025, the Group reported revenue of RM86.3 million and an LBT of RM6.4 million, against RM128.6 million and a marginal LBT of RM0.3 million for the corresponding period last year, which had benefited from one-off gains, including a subsidiary disposal.
Angeline Lee
Group Executive Director / Chief Executive Officer
Ms. Angeline Lee, Executive Director / Group Chief Executive Officer of Propel Global “While Q3 FY2025 reflects a transitional period as our major construction contracts conclude, we remain encouraged by the sustained profitability in our Oil & Gas segment. Although the Group's key segments recorded softer results this quarter, we remain encouraged by the improved year-on-year reduction in group losses, reflecting improved cost discipline and tighter operational controls. As we continue to reposition the business, PGB will continue to explore opportunities in O&G, HVAC and ICT segments, we are confident that the foundations laid will support sustainable recovery and future growth.”
The Group remains cautiously optimistic about its outlook, as Malaysia’s economy is projected to grow between 4.5% and 5.5% in 2025, underpinned by strong domestic demand and supportive fiscal policies under Budget 2025. Propel Global continues to monitor the oil and gas landscape, particularly with Petronas’ RM300 billion capital expenditure commitment from 2023 to 2027. The Group anticipates further participation in Maintenance, Construction, and Modification (“MCM”) contracts and is strategically positioned to meet demand through its expanded engineering capacity.
Meanwhile, the global HVAC market continues to experience robust growth, and Propel Global is leveraging this trend by advancing its energy-efficient solutions across sectors including healthcare, logistics, and manufacturing. The RM300 million allocation under the National Energy Transition Roadmap (“NETR”) in Budget 2025, coupled with the anticipated carbon tax implementation in 2026, further supports the Group’s focus on sustainable HVAC systems.
As the Group continues to strengthen its core business and expand into sustainable and digital solutions, it remains committed to prudent financial management and delivering long-term value to shareholders.