KUALA LUMPUR (Nov 21): SkyWorld Development Bhd (KL:SKYWLD) saw its net profit for the second quarter ended Sept 30, 2025 (2QFY2026) nearly halve to RM7.93 million from RM14.53 million a year earlier, reflecting the gestation phase in project development after completing several major projects last year.
Quarterly revenue also fell 30.3% to RM86.68 million from RM124.33 million.
Correspondingly, the group declared a lower dividend of 0.22 sen per share, down from 0.5 sen a year ago. The dividend is payable on Jan 15, 2026.
For the first half of FY2026, net profit tumbled to RM10.78 million from RM24.52 million a year earlier, while revenue declined 27.7% to RM161.28 million from RM223.14 million.
As at end-September 2025, SkyWorld’s unbilled sales stood at RM589 million, up 21.9% from the preceding quarter, supported by the launch of SkyAman 1 Residences in Cheras, Kuala Lumpur.
Chief executive officer Lee Chee Seng said current market conditions favour developers focused on affordability, disciplined execution and prudent financial management.
“Despite inflationary pressures and cautious sentiment in the property sector, demand for well-planned urban homes remains steady, especially among buyers seeking accessibility, practical layouts and quality living. Our focus on these areas, reflected in the launch of SkyAman 1 Residences, aligns well with current market needs,” he said in a statement.
Looking ahead, Lee highlighted the group’s entry into Penang via SkyAwani Pearlmont Residences as a strategic move, as the state’s urban corridor continues to show resilient demand fundamentals.
SkyWorld maintained a solid financial footing, with cash and bank balances of RM320.9 million and a low net gearing ratio of 0.2 times as of Sept 30 this year. With this, the group remains well-equipped to deliver cumulative gross development value commitments of RM4.6 billion by end-2026.
At Friday’s closing, SkyWorld shares were down one sen or 1.9% at 50.5 sen, valuing the group at RM505 million. Year to date, the stock has declined 10.6%.