Hello, investors! We’re diving deep into the latest financial performance of MUI Properties Berhad (MUIP) for its Fourth Quarter ended 30 June 2025 (Q4 FY25), along with the full financial year results (FY25). This report paints a compelling picture of robust growth, primarily propelled by its property development segment, though not without navigating some interesting market dynamics. Get ready to explore the numbers behind the headlines, including a significant jump in revenue and profits, strategic land deals, and a special dividend announcement that’s sure to catch your eye!
Key Takeaways from MUI Properties’ Q4 FY25 & FY25 Report:
- Q4 FY25 Revenue surged by 364.0% to RM50.3 million.
- Full-year FY25 Revenue jumped by 281.4% to RM170.2 million.
- Property division was the main growth driver, significantly boosting Profit Before Taxation (PBT).
- A special dividend of RM0.08 per share has been announced.
- Strategic land disposals are set to transform Bandar Springhill into a high-tech hub.
Core Financial Highlights: A Year of Remarkable Growth
MUI Properties has delivered an impressive performance, showcasing significant growth across its top and bottom lines for both the quarter and the full financial year. This upward trajectory is a testament to the company’s strategic focus, particularly within its property development segment.
Quarterly Performance (Q4 FY25 vs. Q4 FY24)
The final quarter of the financial year was exceptionally strong. Revenue saw a substantial increase, primarily due to accelerated progress in the Bandar Springhill industrial park developments.
Q4 FY25
Revenue: RM50,300k
PBT: RM14,337k
Profit after taxation attributable to Owners: RM2,490k
Basic/Diluted EPS: 0.34 Sen
Q4 FY24
Revenue: RM10,841k
PBT: RM8,630k
Profit after taxation attributable to Owners: RM7,794k
Basic/Diluted EPS: 1.05 Sen
Revenue for Q4 FY25 soared by 364.0% to RM50.3 million compared to RM10.8 million in Q4 FY24. This significant boost translated into a PBT of RM14.3 million, a robust 66.1% increase from RM8.6 million in the same quarter last year. The property division’s strong performance, stemming from projects like Industrial Park-3 (IP-3), Industrial Park-1 (IP-1), Industrial Park-2 (IP-2), and the Antmed project (Lot 8322) in Bandar Springhill, Negeri Sembilan, was the key driver here.
However, it’s important to note the Profit after taxation attributable to Owners of the Company saw a decrease to RM2.49 million from RM7.79 million in Q4 FY24, leading to a lower basic earnings per share (EPS) of 0.34 sen. This is primarily due to a significantly higher portion of profit being allocated to non-controlling interests during the current quarter.
Full-Year Performance (FY25 vs. FY24)
The full financial year paints an even broader picture of MUIP’s successful operational execution.
12 Months FY25
Revenue: RM170,177k
PBT: RM32,808k
Profit after taxation attributable to Owners: RM2,033k
Basic/Diluted EPS: 0.27 Sen
12 Months FY24
Revenue: RM44,617k
PBT: RM6,439k
Profit after taxation attributable to Owners: RM3,357k
Basic/Diluted EPS: 0.45 Sen
For the full 12 months of FY25, MUI Properties recorded a revenue of RM170.2 million, a remarkable 281.4% increase from RM44.6 million in FY24. This excellent revenue growth propelled PBT to RM32.8 million, a massive 409.5% surge from RM6.4 million in the previous financial year. Similar to the quarterly trend, the growth was primarily from the property division, specifically the Antmed project (Lot 8322), IP-1, IP-2, and IP-3 in Bandar Springhill, Negeri Sembilan.
However, the Profit after taxation attributable to Owners of the Company for the full year decreased to RM2.03 million from RM3.36 million in FY24, resulting in a basic EPS of 0.27 sen, down from 0.45 sen. This shift is again attributed to a larger share of the overall profit being recognized by non-controlling interests.
Segmental Performance: Properties Driving Growth, Investment Holding Facing Headwinds
A closer look at the segments reveals the engines of MUIP’s growth:
- Properties Division: This segment was the star performer. For the full year, its PBT soared by 1,823.1% to RM54.3 million from RM2.8 million in FY24. This immense growth underscores the success of their property development projects in Bandar Springhill.
- Investment Holding: In contrast, the investment holding segment faced challenges, recording a loss before taxation of RM21.5 million for the full year, a significant decline from a profit of RM3.6 million in FY24. This was largely due to unrealised net foreign exchange losses impacting this division.
Financial Health and Cash Flow
MUI Properties’ financial position strengthened significantly, with Total Assets growing to RM649.1 million as at 30 June 2025, up from RM495.7 million a year ago. This increase was driven by higher inventories, contract assets, and robust cash balances. Total Equity also saw an increase to RM472.6 million from RM449.9 million.
However, Total Liabilities also rose substantially to RM176.5 million from RM45.8 million, mainly due to increased current liabilities from trade and other payables, borrowings, and contract liabilities. Net assets per share improved slightly to RM0.4914 from RM0.4787.
From a cash flow perspective, while operating activities saw a net outflow of RM9.3 million for the full year (compared to an inflow of RM31.9 million previously), the company managed to achieve a net increase in cash and cash equivalents of RM24.6 million. This was supported by proceeds from bank borrowings, indicating active financial management to fund its expansion and operations.
Strategic Moves and Future Prospects: Transforming Bandar Springhill
The future outlook for MUI Properties, particularly its Bandar Springhill development, appears promising, driven by two significant corporate proposals that are set to redefine the area:
- Antmed Malaysia Sdn Bhd Deal: The sale of 53 acres of industrial land to Antmed Malaysia Sdn Bhd for RM80.8 million is pending completion. Antmed, a subsidiary of Shenzhen-based medical instrument manufacturer Shenzhen Antmed Company Limited, will bring high-tech industry to the region.
- Gamuda DC Infrastructure Sdn Bhd Deal: A landmark disposal of 389.7 acres of freehold land to Gamuda DC Infrastructure Sdn Bhd for RM424.4 million was completed on 13 August 2025. This deal is for the development of a high-tech digital infrastructure hub, including data centers.
These milestone transactions are poised to transform Bandar Springhill into a vibrant high-tech hub. This is expected to unlock new growth potential by elevating industrial land values and stimulating further demand within the township, positioning MUIP for continued long-term growth.
In terms of capital allocation, MUI Properties has also resolved to vary the utilisation of the unutilised balance from the Gamuda disposal proceeds. These funds will be channelled towards working capital for the MUIP Group, acquisition of new land banks, and importantly, for the declaration of dividends to shareholders.
Additionally, the company made a strategic investment by subscribing for preference shares in London Vista Hotel Limited (LVHL) for GBP1,000,000, which was completed in July 2025.
Dividends: Rewarding Shareholders
Shareholders will be pleased to know that on 22 August 2025, MUI Properties announced a special dividend of RM0.08 per ordinary share, amounting to a total of RM59.27 million. This dividend, in respect of the financial year ending 30 June 2026, will be paid on 25 September 2025 to eligible shareholders.
Summary and Investment Recommendations
MUI Properties Berhad has demonstrated a remarkable turnaround and growth in FY25, largely powered by its property development segment. The strategic land disposals in Bandar Springhill to Antmed and Gamuda are game-changers, setting the stage for the township to evolve into a high-tech industrial hub. These moves are expected to enhance asset values and drive future demand, creating a solid foundation for long-term value creation. The announcement of a special dividend further highlights the company’s commitment to returning value to its shareholders.
While the overall performance is robust, it’s prudent for investors to consider the following points:
- Foreign Exchange Risks: The investment holding segment was negatively impacted by unrealised net foreign exchange losses, a factor that could influence future profitability.
- Attribution of Profit: Despite strong overall profit before taxation, the profit attributable to owners of the company and hence EPS decreased due to a higher proportion of profit being attributed to non-controlling interests.
- Material Litigation: The ongoing arbitration proceedings involving its subsidiary, West Synergy Sdn Bhd, concerning potential damages exceeding RM15 million, could introduce some uncertainties.
- Increased Borrowings: While used to finance growth, the significant increase in borrowings should be monitored as part of the company’s overall financial health.
MUI Properties has clearly charted an exciting path forward, leveraging its land bank strategically to ride the wave of industrial development. Do you think the company can maintain this growth momentum in the coming years as Bandar Springhill transforms? What are your thoughts on their strategic disposals and the impact on their future earnings?
Share your views in the comment section below!
