Propel Global proposes diversification into property development to revive earnings
KUALA LUMPUR: Propel Global Bhd had proposed to diversify its core operations to include property development, entering a new sector as it seeks to rebuild profitability following two consecutive years of steep net losses.
Propel Global Bhd proposes to enter the property development sector to mitigate its financial losses following two years of steep declines. The company, currently operating in oil and gas, technical services, and information and communications technology, aims to generate revenue through its first commercial real estate project in Pahang.
The move is seen as a way to diversify and reduce reliance on existing divisions, while leveraging experience in engineering, construction, and project management. Propel Global's financial situation worsened in FY25 and FY26, with net losses reaching RM27.21 million. The company is seeking shareholder approval for the diversification at an extraordinary general meeting, despite the risks involved, such as project delays and market conditions.
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