Propel Global Announces Q4FYE2025 Results
Reaffirms commitment to operational discipline while actively pursuing strategic growth opportunities
KUALA LUMPUR, 29 AUGUST 2025 – PROPEL GLOBAL BERHAD ("Propel Global" or the "Group”), a provider of oil and gas (“O&G”) services, today announced its financial results for the fourth quarter ended 30 June 2025 (“Q4 FY2025”), reporting revenue of RM25.2 million and a loss before tax (“LBT”) of RM13.9 million, compared to revenue of RM47.5 million and a profit before tax (“PBT”) of RM7.6 million in Q4 FY2024. Despite the losses, the Group remains confident in its long-term strategy and outlook, reinforcing its focus on sustainable growth and delivering value to stakeholders.
The O&G segment contributed RM17.9 million in revenue and RM1.7 million in PBT for Q4 FY2025, compared to RM13.9 million and RM3.5 million respectively in the same quarter last year. The higher revenue was mainly attributable to higher radial cutting torch services and higher revenue from Engineering, Procurement, Construction & Commissioning (“EPCC”) projects during the quarter while the lower profitability was due to the absence of a one-off other income item that was recorded in the same quarter last year.
The Technical Services (“TS”) segment posted RM6.0 million in revenue and RM6.5 million in LBT in Q4 FY2025, compared to RM31.5 million and RM8.0 million respectively in the same quarter last year. The decline was mainly due to reduced progress claims from the TS segment’s construction projects, following the completion of several key projects and expected credit loss charged on long outstanding trade receivables.
The ICT segment recorded RM1.2 million in revenue with a LBT of RM0.5 million in Q4 FY2025, down from RM2.1 million and RM0.8 million PBT in the same quarter last year. The variance was mainly due to the absence of one-off service revenue recorded in the prior year. Excluding this non-recurring item, the segment’s underlying performance remained relatively stable, and the Group is actively pursuing new recurring contracts and digital solution opportunities to strengthen future earnings.
Meanwhile, the Others segment recorded a LBT of RM8.6 million in Q4 FY2025, which includes fair value loss on financial assets at fair value through profit or loss, loss on disposal of a subsidiary, corporate administrative expenses, such as professional charges and staff costs. The higher loss was primarily attributable to a fair value loss on financial assets and loss on disposal of a subsidiary.
Angeline Lee
Group Executive Director / Chief Executive Officer
Ms. Angeline Lee, Executive Director / Group Chief Executive Officer of Propel Global “This financial year has been challenging, reflecting broader market conditions and timing factors across our projects. However, we continue to see encouraging developments in our project pipeline and are actively pursuing several key opportunities, with confidence that some will materialise in the near future. Our focus remains on operational discipline, strategic investments, and building trust with clients and partners. As we maintain consistency and reliability in delivery, we believe this will further strengthen Propel Global’s standing in the industry and support long-term growth.”
Malaysia’s outlook remains positive, with the 13th Malaysia Plan (2026–2030) allocating RM430 billion in development expenditure, including RM227 billion for infrastructure, public transport, and housing. The O&G sector is expected to stabilise from mid-2025, creating opportunities for EPCC, midstream services, and oilfield solutions, while the HVAC market is projected to grow from USD1.17 billion in 2025 to USD1.47 billion in 2030 with a CAGR of 4.7%, driven by energy-efficient solutions. These trends align with Propel Global’s strategy of strengthening its HVAC offerings and ICT capabilities to diversify revenue and position for growth.
While project awards have slowed due to prevailing economic conditions and cautious client sentiment, the Group remains focused on a clear strategic direction and its commitment to long-term sustainable growth.