SkyWorld's Q1 earnings surge 84pct on higher property sales
KUALA LUMPUR: SkyWorld Development Bhd’s net profit surged 84.3 per cent year-on-year to RM5.3 million for the first quarter ended June 30, 2026 (Q1FY27), driven by higher contributions from its ongoing property developments.
KUALA LUMPUR: SkyWorld Development Bhd reported a significant surge in profits for the first quarter of FY27, with net profit jumping 84.3% year-on-year to RM5.3 million. This growth was fueled by increased revenue from ongoing property developments. Revenue for the quarter rose 45.7% to RM108.7 million, driven by wider recognition of income from five ongoing projects.
Gross profit also increased 17.1% to RM31.6 million. The company holds RM1.1 billion in unbilled sales as of June 30, which provides continued visibility into earnings. SkyWorld aims to launch new projects with a combined gross development value (GDV) of over RM2 billion for FY27, aiming to bolster its revenue-generating portfolio and stay on course to meet its post-IPO target of RM4.6 billion in cumulative launches by the end of 2026.
The company is also expanding regionally, with its SkySOLIS development in Ho Chi Minh City, Vietnam - its first venture outside Malaysia - comprising three residential towers with 1,101 units. The project's local sales gallery opened in July. SkyWorld's CEO, Lee Chee Seng, emphasized the company's focus on executing its development pipeline while preparing for its next growth phase.
The company plans to utilize prefabricated prefinished volumetric construction technology in Penang by FY27 to enhance construction efficiency and speed up project delivery. SkyWorld currently boasts cash reserves exceeding RM350 million and a net gearing ratio of 0.43 times.
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