Thriven Global’s Latest Quarter: Narrowing Losses Signal a Strategic Shift
Thriven Global Berhad has just released its financial results for the second quarter ended June 30, 2025. While a glance at the cumulative revenue might suggest a slowdown, a deeper dive reveals a story of strategic repositioning and improved profitability. The company has managed to significantly narrow its pre-tax losses, showcasing resilience in a transitional phase. Let’s break down the key figures and what they mean for the company’s path forward.
Core Financial Highlights: A Tale of Two Metrics
In this quarter’s results, we see a fascinating contrast between quarterly performance and the year-to-date figures. While the six-month cumulative revenue saw a decline due to the completion of major projects last year, the most recent quarter actually shows revenue growth compared to the same period in 2024. More importantly, the company has successfully reduced its losses, both for the quarter and the half-year period.
The most impressive takeaway is the 33.8% reduction in pre-tax loss for the first six months of 2025 compared to the same period last year, demonstrating improved operational efficiency and strategic asset sales.
Quarterly Performance: Q2 2025 vs Q2 2024
Let’s compare the key metrics for the second quarter against the same quarter last year.
Q2 2025 (Current Quarter)
- Revenue: RM 6.66 million
- Gross Profit: RM 1.96 million
- Loss Before Tax: RM 3.89 million
- Net Loss for the Period: RM 3.98 million
- Loss Per Share: (0.73) sen
Q2 2024 (Comparative Quarter)
- Revenue: RM 5.33 million
- Gross Profit: RM 1.36 million
- Loss Before Tax: RM 4.71 million
- Net Loss for the Period: RM 4.41 million
- Loss Per Share: (0.74) sen
The quarterly data shows a healthy 25% year-on-year increase in revenue. The reduced loss before tax is a positive sign, attributed to sales of remaining inventories, particularly at Lumi Tropicana, and an increase in recurring income from rental properties, the new pickleball courts, and car park operations. The company also benefited from a gain on a forfeited deposit related to an aborted land sale.
Business Segment Performance
The Group’s revenue streams come from several key areas. For the first six months of 2025, the breakdown provides a clear picture of their operational focus.
| Business Segment | Revenue (6 Months ended 30 June 2025) | Commentary |
|---|---|---|
| Property Development | RM 8.35 million | Includes sales of remaining units in Desa Aman and Lumi Tropicana, and the final sale of development land in Kedah. |
| Property Investment | RM 1.76 million | Growing recurring income from rental of investment properties, including new tenancies at Lumi Market Place. |
| Food & Beverages | RM 0.96 million | Contributions from lifestyle cafes and premium dining outlets within the Group’s properties. |
Risks and Prospects: A Strategic Pivot in Motion
Thriven Global is candid about being in a “transition period” after completing its successful Desa Aman residential projects. The focus has now shifted towards monetizing existing assets and building a stronger base of recurring income.
Opportunities on the Horizon
- Lumi Tropicana Momentum: Sales of the remaining high-end units at Lumi Tropicana are picking up. The renovation of select units has also boosted the hospitality segment, increasing daily rates and bookings.
- Vibrant Lifestyle Hub: The introduction of new tenants and activities, such as six pickleball courts and the “Pergola” F&B outlet at Lumi Market Place (LMP), has significantly increased foot traffic. This directly translates to higher car park revenue and creates a more attractive environment for potential property buyers.
- Debt Reduction Strategy: The sale of development land in Desa Aman is aligned with the Group’s strategy to reduce borrowings and lower finance costs, strengthening the balance sheet.
- Future Growth: The Group is actively seeking new property development opportunities to supplement its existing land bank and fuel future projects.
Potential Challenges
The primary challenge is navigating the gap between recently completed projects and the launch of new ones. The Group’s performance in the near term will heavily depend on its ability to continue selling its inventory at Lumi Tropicana and Suite eNESTa Kepong while effectively managing its recurring income assets. The broader property market sentiment and competition also remain key external factors to monitor.
Summary and Outlook
Thriven Global’s Q2 2025 results paint a picture of a company in a strategic pivot. While the lower year-to-date revenue reflects the completion of past projects, the significant reduction in losses is a testament to effective cost management and successful monetization of assets. The growing momentum at Lumi Tropicana, both in property sales and lifestyle offerings, provides a solid foundation for building recurring income and unlocking value. The Group’s focus on strengthening its financial position by reducing debt is a prudent step that prepares it for future growth opportunities.
Key risks to keep in mind include:
- The company’s ability to maintain sales momentum for its remaining high-value properties at Lumi Tropicana.
- The challenge of identifying and securing new, profitable property development projects to ensure long-term growth.
- General economic conditions and their impact on the Malaysian property market.
Final Thoughts
From my perspective, Thriven Global is navigating a challenging transition period commendably. The strategic shift towards enhancing recurring income from its Lumi Tropicana asset while clearing inventories and reducing debt is a prudent move. The key will be their ability to translate this operational momentum into sustained profitability and secure new growth drivers for the future.
What are your thoughts on Thriven’s strategy to focus on recurring income through its lifestyle and hospitality segments? Do you believe this pivot can create sustainable value for the company? Share your views in the comments below!
