Core Data Highlights: A Financial Surge

PGB’s Q4 FY2025 and full-year results demonstrate significant upward momentum across key financial indicators. The substantial increase in revenue and profit underscores the effectiveness of the Group’s recent strategic initiatives.

Quarterly Performance (Q4 FY2025 vs Q4 FY2024)

Comparing the current quarter with the same period last year reveals explosive growth:

This represents an astounding 1830.4% increase in revenue, a 3429.2% surge in PBT, and a 3947.9% jump in profit for the period, clearly indicating a powerful turnaround and growth trajectory.

Full Year Performance (FY2025 vs FY2024)

The cumulative full-year results further solidify PGB’s impressive financial recovery and growth:

From a loss in the previous financial year, PGB has dramatically swung to a significant profit, with revenue increasing by 500.9% and PBT by an incredible 16624.6%. This demonstrates the company’s ability to capitalize on market opportunities and execute its growth strategy effectively.

Comparison with Immediate Preceding Quarter (Q4 FY2025 vs Q3 FY2024)

The sequential growth from the immediate preceding quarter (Q3 FY2024) also highlights strong operational momentum:

Revenue surged by 114.5% and PBT by 45.1% compared to the previous quarter, primarily attributed to significant land sales in Desa Cemerlang, Johor, and sales of detached factories and shop offices in Pekan Nenas, Johor.

Segmental Performance: Property Development Leads the Way

PGB’s business is segmented into Investments, Property Development, and Construction. The property development segment was the primary driver of the Group’s stellar performance.

Property Development Segment

This segment showcased phenomenal growth, both quarterly and cumulatively:

• Current Quarter: Revenue soared from RM7.79 million in Q4 FY2024 to RM151.54 million in Q4 FY2025. Profit before tax jumped from RM5.19 million to RM74.30 million. This surge was primarily due to land sales in Desa Cemerlang, Johor, and sales of detached factories and shop offices in Pekan Nenas, Johor.
• Year to Date: Revenue for FY2025 dramatically increased from RM48.73 million to RM306.16 million. Consequently, PBT surged from RM9.78 million to RM150.87 million, largely driven by the same land sales in Desa Cemerlang.

Construction Segment

The construction arm primarily provides intercompany services, which are eliminated during consolidation. While it did not generate external revenue in FY2025, it incurred losses:

• Current Quarter: Loss before tax increased from RM167,000 to RM259,000, mainly due to administrative expenses.
• Year to Date: Loss before tax increased from RM489,000 to RM748,000. Unlike FY2024 which had external contracts, FY2025’s revenue was entirely intercompany, resulting in no group-level revenue from this segment.

Investment Segment

This segment saw a decrease in revenue and an increase in cumulative loss:

• Current Quarter: Revenue decreased from RM62,000 to RM4,000. However, the loss before tax slightly decreased from RM3.01 million to RM2.97 million.
• Year to Date: Revenue was RM101,000 compared to RM485,000 in the prior year. The loss before tax increased from RM8.45 million to RM9.97 million, primarily due to higher administrative expenses and a decrease in fair value gain on other investments.

Financial Health and Cash Flow

PGB’s financial position strengthened considerably, supporting its growth initiatives.

Statement of Financial Position (as at 31 March 2025)

The Group’s total assets significantly increased from RM470.47 million in FY2024 to RM779.23 million in FY2025. This growth was mirrored in total equity, which rose from RM298.59 million to RM404.23 million. Net assets per share also improved from RM0.40 to RM0.54. The increase in assets reflects substantial investments in inventory (lands held for property development) and investment properties, funded partly by increased borrowings, particularly term loans, which rose from RM139.45 million to RM282.80 million non-current.

Statement of Cash Flows (for the year ended 31 March 2025)

The cash flow statement reflects the company’s active investment phase:

While operating activities still utilized cash, the amount decreased. The substantial cash used in investing activities (RM121.12 million, primarily for additional investment properties and land acquisitions) was largely offset by cash generated from financing activities (RM189.85 million), mainly from term loan drawdowns. This indicates PGB is actively investing in expanding its landbank and development projects, leveraging financing to fuel its growth.

Risks and Prospects: Navigating the Future

As PGB concludes FY2025, the Group remains steadfast in its commitment to sustainable growth through strategic execution, active landbank optimization, and strong stakeholder engagement. The outlook appears promising, though vigilance remains key.

Promising Prospects

The Malaysian economy continues to demonstrate resilience, supported by robust domestic demand, a recovery in global trade, favorable policy measures under Budget 2025, and an improving external environment driven by the global tech upcycle. These factors provide a solid foundation for PGB’s ongoing and upcoming initiatives.

Key strategic milestones include the completion of several land acquisitions, strategically positioning PGB to capitalize on Johor’s expanding property market, particularly the increasing demand for commercial and industrial spaces. Additionally, recent development rights agreements reflect continued progress in collaborative development efforts, accelerating land development activities with strategic partners.

PGB’s record-strongest-ever quarterly profit after tax in Q4 FY2025 underscores the Group’s ability to execute well-defined growth initiatives and deliver meaningful financial outcomes. This performance is a testament to effective project planning, disciplined financial management, and prudent investment in high-potential opportunities.

Looking ahead, Johor remains a critical economic growth engine for Malaysia, propelled by transformative infrastructure and development initiatives. The Johor Bahru–Singapore Rapid Transit System Link, for instance, is expected to significantly enhance regional connectivity, attract cross-border investments, and stimulate property demand. These developments are anticipated to fuel sustained interest in property development, presenting attractive opportunities for PGB’s upcoming projects and investments.

Furthermore, PGB is deepening its commitment to sustainability. Its ongoing partnership with United Overseas Bank (Malaysia) Berhad, formalized through a memorandum of understanding, highlights its dedication to green development. In April 2025, PGB strengthened this commitment through strategic collaborations with GreenRE Sdn. Bhd., Malaysia’s leading green building certification body. PGB will adopt GreenRE’s rating tools across its upcoming developments to enhance energy efficiency, resource conservation, and environmental performance, aligning with evolving stakeholder expectations and market demand for responsible solutions.

Areas to Watch

While the prospects are overwhelmingly positive, investors should keep an eye on a few areas. The significant increase in borrowings to fund land acquisitions and investments means PGB will need to manage its debt levels effectively. The continued losses in the Construction and Investment segments, primarily due to administrative expenses and fair value changes, also warrant attention, although these are currently overshadowed by the property development segment’s strong performance. The ability to convert these investments into profitable projects efficiently will be crucial for sustaining long-term growth.