01/01/2026

BIZ & FINANCE THURSDAY | JAN 1, 2026

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ES Sunlogy maintains positive outlook for FY26

KUALA LUMPUR: Malaysia’s official reserve assets amounted to US$124.12 billion (RM504.05 billion) as at Nov 30, 2025, while other foreign currency assets stood at US$266.2 million, Bank Negara Malaysia (BNM) said. The central bank said the detailed breakdown of international reserves provides forward-looking information on the size, composition and usability of reserves and other foreign currency assets, in accordance with the International Monetary Fund’s (IMF) Special Data Dissemination Standard (SDDS) format. It said the detailed disclosure also provides guidance on the expected and potential future inflows and outflows of foreign exchange of the federal government and BNM over the next 12-month period. “Overall, the detailed breakdown of international reserves under the IMF SDDS format indicates that as at end November 2025, Malaysia’s inter national reserves remain usable,” it said in a statement yesterday. BNM stated that for the next 12 months, the predetermined short term outflows of foreign currency loans, securities and deposits, which include, among others, scheduled repayment of external borrowings by the government and the maturity of foreign currency Bank Negara Interbank Bills, amounted to US$13.18 billion. “The net short forward positions amounted to US$21.02 billion as at end-November 2025, reflecting the management of ringgit liquidity in the money market,” it added. The data excludes projected foreign currency inflows arising from interest income and the drawdown of project loans. “Projected foreign currency inflows amount to US$2.91 billion in the next 12 months,” BNM said. The only contingent short-term net drain on foreign currency assets is government guarantees of foreign currency debt due within one year, amounting to US$417 million. – Bernama Malaysia’s official reserve assets at US$124.12b on Nov 30: BNM Malaysia Smelting Corp names co-group CEOs PETALING JAYA: Tin miner and metal producer Malaysia Smelting Corpo ration Bhd (MSC) has appointed Nicolas Chen Seong Lee and Lam Hoi Khong as co-group CEOs effective today. Chen will focus on the group’s operational, corporate and insti tutional matters, while Lam will oversee the group’s financial, sales/marketing, commercial and governance-related functions. This appointment follows the retirement of Datuk Dr Patrick Yong Mian Thong as group CEO of MSC yesterday. He will continue to remain on the board of MSC and support the group as an adviser, providing strategic guidance and overseeing new projects. The board of directors expressed its appreciation for Yong’s dedicated service and leadership, under which the group achieved significant mile stones and established a strong foundation for sustained growth.

With the increasing adoption of solar PV solutions, supportive government incentives, and a growing focus on decarbonisation, the market outlook for renewable energy in Malaysia and the broader Asean region is robust. The group continues to monitor these trends closely and aims to expand its renewable energy portfolio by leveraging its technical expertise, operational track record, and strategic partnerships. Managing director Khor Chuan Meng said the renewable energy segment has continued to streng then its operational presence, complementing the group’s core M&E business while contributing to recurring income. ES Sunlogy also continued its alignment with the National Energy Transition Roadmap, leveraging operational expertise to support Malaysia’s clean energy transition and national sustainability ob jectives. “Ongoing investment in technical capability, operational monitoring, and preventive main tenance has enabled the confirmed segment to maintain high opera tional standards while scaling renewable energy activities. “Looking ahead, the group is focused on expanding its solar energy footprint, improving energy efficiency, and exploring oppor tunities for additional renewable projects, positioning the Renewable Energy segment as a key driver of long-term sustainable growth for ES Sunlogy,” Khor said. beverages (1.5%) and housing, water, electricity, gas & other fuels (1.1%), while higher price increases were recorded in personal care, social protection & miscellaneous goods & services (6%), restaurants & accommodation services (3.4%, and health (1.5%). Malaysia’s labour force grew 2.8% year-on-year to 17.06 million persons in October 2025 (October 2024: 17.10 million), while the number of employed persons increased 0.2% month-on-month. The Labour Force Participation Rate remained steady at 70.9%, marking a 0.3 percentage point rise from a year earlier. Meanwhile, the unemployment rate stayed at 3% on a monthly basis, declining 0.2 percentage points year-on-year, reflecting continued resilience in Malaysia’s labour market. Malaysia’s Leading Index rose by 3.6% year-on-year to 116.2 points in October 2025 (October 2024: 112.2), supported mainly by higher ap provals of housing units, as well as notable increases in real imports of semiconductors and basic precious and non-ferrous metals.

o Stable project pipeline and demand for renewable energy solutions among supportive factors

PETALING Malaysia’s agrofood subsector demonstrated strong growth across key commo dities, with vegetables leading the expansion, followed by spices, fruits and industrial crops, the Depart ment of Statistics Malaysia reported yesterday. This positive momentum, along side steady gains in livestock and fisheries production, underscores the sector’s resilience and its critical role in ensuring national food security. Amid a gradually stabilising global economy, the OECD Eco nomic Outlook projects global gross domestic product growth at 3.2% in 2025, before moderating to 2.9% in 2026 as fiscal conditions tighten and global trade remains subdued. Growth is expected to edge up to 3.1% in 2027, supported by easing inflation and more accommodative financial conditions. Nevertheless, lingering trade weakness and constrained fiscal space continue to pose downside risks, tempering the momentum of the global recovery. Highlighting recent economic performance, Chief Statistician JAYA: PETALING JAYA: ES Sunlogy Bhd maintains a positive outlook for financial year 2026 (FY26), sup ported by a stable project pipeline and continued demand for reliable mechanical and electrical engine ering (M&E) and renewable energy solutions. Chairman Loh Kwang Yean ( pic ) said the group will continue to focus on disciplined growth, prioritising operational excellence, prudent capital management and long-term value creation. “By leveraging our technical expertise, experienced workforce, and strong financial position, ES Sunlogy is well-prepared to capi talise on future opportunities while ensuring resilience amid an evolving business environment,” he said in the company’s annual report filed recently to Bursa Malaysia. He added that Malaysia’s sustained investment in infra structure, coupled with the growing emphasis on renewable energy, presents encouraging opportunities for ES Sunlogy to expand its role in supporting the nation’s develop ment and transition to a cleaner energy landscape. On earnings, ES Sunlogy achieved a net profit of RM15.396

million in FY25, underscoring the group’s continued ability to deliver consistent and sustainable results despite a competitive market environment. Revenue for FY25 rose 70% to RM324.7 million, driven primarily by higher project billings from both ongoing and newly secured M&E contracts. Correspondingly, gross profit increased by 15.6%, although the gross profit margin eased to 11% compared to 16.2% posted in FY24 due to competitive pricing pres sures, higher subcontractor costs, and increased material prices in securing new projects. As of July 31, 2025, the group’s order book stood at RM180.4 million, providing clear visibility and stability for the coming financial year, reflecting the group’s disci plined project management, effec tive cost control, and continued emphasis on quality execution across all contracts undertaken. “Moving forward, the group will continue to enhance operational efficiency and project delivery through improved resource plan ning, the adoption of technology, and the development of skilled professionals. Malaysia Datuk Seri Dr Mohd Uzir Mahidin stated, “Supported by resilient domestic demand, Malay sia’s economy recorded a cumulative growth of 4.7% in the first three quarters of 2025, moderating from 5.2% in the corresponding period last year. The services sector remained the main driver, under pinned by steady domestic demand, while manufacturing expanded mo derately and construction con tinued to record strong growth.” Agriculture and mining & quarrying exhibited mixed per formance, reflecting the effects of weather conditions and changes in commodity prices. Following Malaysia’s steady eco nomic performance, the Industrial Production Index strengthened further in October 2025, rising by 6% year-on-year from 5.7% in September. The manufacturing sector led the expansion with a growth of 6.5%, supported by continued expansion in mining sector at 5.8%, while the electricity sector recorded a more moderate increase of 1.2%. Taking a broader view of Malaysia’s services sector, total sales in whole

“Our strategy remains focused on consolidating our strengths in M&E Services while expanding our capabilities in renewable energy generation. “With both sectors expected to play a critical role in Malaysia’s infrastructure and sustainability agenda, ES Sunlogy is well-posi tioned to contribute meaningfully to the nation’s ongoing growth and energy transition efforts,” Loh said. According to the annual report, ES Sunlogy remains well-positioned to capitalise on emerging oppor tunities across both its core engineering services and renewable energy segments. The renewable energy sector, in particular, presents significant growth potential driven by global and domestic shifts toward cleaner, sustainable power sources. sale & retail trade reached RM160.9 billion in October 2025, marking a 7.2% year-on-year increase. Leading the momentum, whole sale trade recorded RM71.2 billion in sales, up RM4.8 billion or 7.3% from the previous year, reflecting robust commercial activity. Meanwhile, retail trade contri buted strongly with RM69.3 billion in sales, rising RM4.4 billion or 6.8% year-on-year, supported by steady consumer demand. The motor vehicles sub-sector performed well, posting RM20.4 billion in sales, up RM1.5 billion or 8.2% compared to October 2024. Focusing on Malaysia’s external trade trends, Malaysia’s merchandise trade increased by 13.6% year-on year to RM277.6 billion in October 2025, supported by robust export performance. Exports rose 15.7% to RM148.3 billion, while imports increased 11.2% to RM129.3 billion. From a price perspective, Malaysia’s inflation moderated to 1.3% year-on-year in October 2025, down from 1.5% in September. The moderation was largely influenced by slower increases in food &

Resilient domestic demand supports Malaysia’s buoyant economic momentum