17/02/2026

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TUESDAY | FEB 17, 2026

Malaysia’s bullion industry headed for consolidation

January vehicle sales up 27% year-on-year on new model momentum: MAA KUALA LUMPUR: The Malaysian automotive sector has started the new year on a sure footing, with the total industry volume (TIV) for January reaching 64,298 units. The Malaysian Automotive Association (MAA) reported that while the market naturally cooled following the frantic pace of December, the January figures point to sustained underlying demand rather than a fundamental slowdown. MAA said that although this represents a 29% decline from December’s all-time record of 90,716 units, the year-on-year comparison indicates robust health. Sales are up 27% compared to January 2025. MAA further said that much of this momentum is due to the spill-over effect from a flurry of new model launches towards the end of last year. These fresh line-ups have continued to draw buyers into showrooms, supporting registration numbers even after the aggressive year-end promotional campaigns have concluded. Production lines remained similarly active to meet this demand. Manufacturers assembled 60,866 vehicles in January, a 6% rise on the previous year. Passenger vehicles accounted for the bulk of this output at 57,367 units, while commercial vehicle assembly saw a sharp 13% increase, reaching 3,499 units. MAA said looking ahead to February, expectations are modest. “With the Chinese New Year holidays shortening the working calendar to just 17 days, both production and sales activity are likely to remain subdued until the full business rhythm resumes in March,” it said. phase for MGB, with construction works of its Prestige and Kita Sejati projects nearing completion, alongside the delivery of vacant possession for Idaman Melur and increased development progress for Saujana Indah Phase 1 and Phase 2. At the same time, new projects were progressively secured. During the year, the group made strong progress in replenishing its order book, securing over RM1 billion in new contracts, including contracts awarded in Saudi Arabia which amounted to approximately RM532.6 million. Additionally, upcoming property development launches were set in motion to support the next phase of growth, providing greater revenue visibility. As of Dec 31, 2025, MGB maintained a healthy financial position with cash and bank balances of RM94.5 million and net assets per share rising to RM1.06 from RM1.02 a year ago. With a net gearing ratio of 0.07 times, the group has the capacity to take on additional funding for future growth. “MGB continues to distinguish itself through the consistent execution of quality, efficiency, and continuous improvement across all its developments. “The group has maintained strong QLASSIC scores, reflecting its commitment to high workmanship standards and compliance with industry benchmarks. “Notably, the Kita Sejati project achieved an impressive QLASSIC score of 79% in October last year,” Lim said.

Ű BY HAYATUN RAZAK sunbiz@thesundaily.com

o Smaller players may struggle to survive independently due to rising costs and expectations, says association

KUALA LUMPUR: Malaysia’s bullion and precious metals industry is heading towards consolidation on the back of rising compliance costs, heavier technology investment and tighter trust requirements. Malaysia Gold Association president Datuk Seri Louis Ng said smaller players that lack scale or capital may struggle to survive independently due to rising costs and expectations. “I expect stronger, well-capitalised platforms to acquire or absorb niche operators, especially those with good distribution but without or non-ideal infrastructure. “The winners will be vertically integrated, combining sourcing, custody, trading, and customer access,” Ng, who is also Public Gold Group founder and executive chairman, told SunBiz . At the retail level, Ng said investor behaviour has evolved markedly over the past decade. “Ten years ago, gold buyers were largely preservation-driven – typically older, more conservative investors focused on physical bars and long-term storage. “Today, the demographic has broadened significantly, with younger, digitally native investors entering the market. “They are not simply buying gold; they are incorporating it into day-to-day financial planning, portfolio diversification, and even

core reserve asset. Volatility will remain, but the floor is moving higher,” he said. However, he said sustained high gold prices can reduce transaction volumes, as some consumers delay purchases or switch to fractional buying. “Margins can compress if competition intensifies. There’s also inventory and working-capital risk for operators who do not manage hedging properly.” That being said, elevated prices also attract new interest, especially from investors seeking inflation protection, he said. “The key is offering flexible formats, fractional ownership, digital gold, savings plans, rather than relying purely on large-bar sales.” On Malaysia’s regional prospects, Ng said the country is well-positioned to become a retail and fintech hub for precious metals in Asean, supported by its established Shariah-compliant gold infrastructure, a growing digital economy, and a strong cultural affinity for gold savings. “With the right regulatory clarity and partnerships, Malaysia can position itself as a gateway for Shariah-compliant gold products, digital gold platforms, and cross-border distribution into Asean, or even globally,” Ng said. PETALING JAYA: MGB Bhd, a construction and property development solutions provider and subsidiary of LBS Bina Group Bhd, posted a revenue of RM245.6 million for Q4 ended Dec 31, 2025 (FY25), from RM256.84 million posted in the same quarter last year. The growth was primarily attributable to a rise in the construction segment’s revenue, driven by continued progress on ongoing projects, including Skyria, CI Medini, and Centrum Iris. In tandem with the higher revenue, profit after tax (PAT) stood at RM14.12 million, down from RM14.66 million in Q4 FY24. For FY25, the group posted revenue of RM916.9 million, bringing the PAT to RM50.3 million. Commenting on the results, group executive chairman Tan Sri Lim Hock San ( pic ) said the financial year 2025 was a consolidated year for MGB. “With several major projects reaching completion, the group continues to strengthen its operations, securing new contracts and building capabilities for the next phase of growth. “Breaking new ground, we not only secured new external projects, but our progression in Saudi Arabia, transitioning from supply-and-installation works to taking on the role of main contractor, marks a significant milestone for the group. “As of to-date, the group has a solid construction order book of RM1.15 billion, which will continue to anchor sustainable revenue growth and support continued operational momentum,” he said in a statement. The group said 2025 marked a transitionary

payment solutions. The mindset has shifted from ‘buy and store’ to ‘own and use’ – or ‘use when needed,’” said Ng. Ng does not see gold competing directly with cryptocurrencies for younger investors, but rather complementing them. “Crypto represents innovation, decentralisation, and growth potential. Gold represents stability, permanence, and trust accumulated over thousands of years.” He said younger investors increasingly want both: exposure and protection. “In practice, many users move between the two depending on market conditions. The real opportunity is building infrastructure that allows seamless movement across asset classes.” Ng believes the current strength in gold prices reflects a deeper shift in the global monetary system rather than a short-lived rally. “We are witnessing persistent geopolitical fragmentation, rising sovereign debt, and a slow erosion of confidence in fiat currency stability.” He said central banks themselves have become net buyers of gold again, signalling a shift in national reserve management. “It is historically significant. Gold is being re-established not merely as a hedge, but as a

MGB posts RM50.3m FY25 profit, order book stands at RM1.15 billion