02/03/2026

BIZ & FINANCE MONDAY | MAR 2, 2026

15 Better billings lift Tropicana FY25 revenue

Optimax chalks up improved quarterly, full-year results PETALING JAYA: Optimax Holdings Bhd, an eye specialist, reported revenue of RM36.1 million for the fourth quarter of the financial year ended Dec 31, 2025 (Q4’25), representing a year-on-year (Y-o-Y) growth of 5.3% from RM34.3 million in Q4’24. This momentum was largely sustained by effective online marketing initiatives and significant contributions from the group’s regional expansion. Profit before tax (PBT) and profit after tax (PAT) were RM5.1 million and RM3.5 million respectively, marking a Y-o-Y growth of 0.9% and 3.1%. For the full financial year ended Dec 31, 2025 (FY25), the group recorded revenue of RM135.7 million, representing a 6.3% increase from RM127.7 million in FY24. PBT grew to RM20.3 million, while PAT rose to RM14.9 million, a 1.5% and 3.8% increase respectively from the preceding year. Excluding a one-off RM700,000 write-off of assets, the normalised PBT would be RM21 million, representing a 5% growth over the previous year. The board of directors has proposed a second interim dividend of 0.6 sen per ordinary share in respect of FY25, with the entitlement date set for March 16, 2026, and payment will be made on March 30, 2026. The total dividends declared for FY25 amounted to 1.40 sen per ordinary share, an increase from the 1.30 sen declared for the preceding year. The total payout ratio works out to 55.3%. Tropicana’s current landbank stands at 1,336.1 acres, with a total potential GDV of RM168.4 billion. Tropicana is strategically positioned to unlock substantial value, drive sustained growth, and deliver long term performance over the coming years. “As we transition from 2025 into 2026, Tropicana is strategically positioned to accelerate growth, supported by ongoing and upcoming developments with a combined GDV exceeding RM7.5 billion. Our strategic campaigns, featuring signature developments at key property hotspots across Malaysia, will make homeownership more accessible while sustaining strong market interest. In line with our mission to transform Tropicana into a future-ready group focused on sustainable growth, we have prioritised strengthening our core property segment through an asset light model, leveraging our development expertise, distinctive development DNA and strong ESG commitments,” the management said in the statement. The group continues to gain traction in the market with 11 new developments worth an estimated GDV of RM3.1 billion.

o Unbilled sales remain robust at RM2 billion, underpinning group’s sustainable earnings outlook

PETALING Tropicana Corporation Bhd recorded revenue of RM1.5 billion for the financial year ended Dec 31, 2025 (FY25), an increase of RM83.9 million or 6% compared to the previous financial year. The higher revenue was mainly driven by increased progress billings across key projects in the Klang Valley, Southern and Northern regions, it said in a statement. The group recorded a lower loss before tax (LBT) of RM15.5 million compared to LBT of RM117.1 million in the previous financial year. Higher losses in the previous financial year were primarily attributable to a one off loss arising from an asset disposal. Lower LBT in FY25 was mainly driven by operational factors. On a positive note, the group’s finance costs declined in line with its ongoing strategy to reduce overall debt levels through asset mone tisation initiatives. JAYA:

In October 2025, the group announced its fulfilment of payment obligations of RM139 million, a Tranche 4 payment under its RM1.5 billion Islamic Medium-Term Notes (IMTN) Sukuk Wakalah Programme introduced in 2020, bringing total cumulative payments under the programme to RM1.12 billion. In November 2025, Tropicana completed the issuance of RM300 million IMTN, which was upsized from RM200 million amid robust investor demand and was over subscribed, with a significant portion taken up by government-linked institutional investors. Tropicana’s unbilled sales remain robust at RM2 billion, providing strong earnings visibility and supporting sustained financial performance. This momentum is further underpinned by its ongoing and upcoming signature develop ments across Malaysia, with a combined estimated gross develop

Tropicana Avalon is poised to be the next commercial hub in Genting Highlands, offering stylish residences and retail shops in the popular Gohtong Jaya area.

Reflecting this positive mo mentum, MARC Ratings revised its outlook on Tropicana to positive from stable with an ‘A’ rating. This upgrade reflects the group’s improved balance sheet, driven by successful deleveraging initiatives and asset disposals used to reduce borrowings.

ment value (GDV) exceeding RM7.5 billion. The group remains focused on sustaining its growth trajectory through enhanced sales perfor mance, strategic monetisation of landbanks and investment pro perties, and continued financial optimisation.

WARRANTS WATCH

Issues over Malaysian stocks lead in turnover TURNOVER on the Malaysian warrants market last week amounted to RM401 million, reflecting a significant 141.7% week-on-week (w o-w) increase. This surge followed a shortened trading period in the prior week due to the Chinese New Year holidays. Top stock warrants by value traded: Warrant Value Issuer Exercise Expiry date name (RM’ mil) level HSI-CWMW 51.7 Kenanga 28,000 30 Mar 2026 HSI-CWOI 11.2 Macquarie 29,000 30 Mar 2026

significant increase from RM22.6 million a year ago, supported by higher ticket fares and stronger ancillary revenue. AAX shares rose 9.1% over the first three trading days of the week but declined in the subsequent two days, closing the week with a modest increase of 1.5%. The most actively traded call warrants for these stocks were Zetrix-CA2 and AAX-C33, which recorded volumes of 111.7 million and 40.8 million units, respectively. To view the full list of structured warrants available on Bursa Malaysia, visit malaysiawarrants.com.my. Provided for Malaysian residents’ information only. This commentary has not been reviewed by the Securities Commission Malaysia. It is not an offer or recommendation to trade and is not research material. Past performance is not indicative of future performance. You should make your own assessment and seek professional advice. The warrants will not be offered to any US persons.

HSI-PWNU HSI-PWPH HSI-CWOJ

7.9 7.9 5.3

Kenanga Macquarie Macquarie

25,000 25,000 27,000

30 Mar 2026 30 Mar 2026 30 Mar 2026

Alongside this overall rise in activity, warrants linked to the Hang Seng Index (HSI) saw a turnover of RM123 million, representing a remarkable 342% w-o-w growth. Meanwhile, Malaysian stock warrants recorded a turnover of RM264 million, marking a 94% w-o-w increase. Malaysian stock warrants took up 66% of the total warrants turnover. This was largely driven by a busy week of earnings announcements from several major Malaysian companies, prompting bullish investors to position themselves in the corres ponding call warrants. The heightened trading activity in HSI warrants coincided with a volatile performance in HSI futures. The futures alternated between gains and

of the release of the February Purchasing Managers’ Index (PMI) data from China in the coming week. Among the top-traded HSI warrants by value were calls HSI CWMW and HSI-CWOI. On the domestic front, the most actively traded stock warrants included call warrants tied to Zetrix AI and AirAsia X (AAX). Zetrix shares experienced minor declines on each trading day but ended the week flat after reporting its highest quarterly and annual profits on Thursday. Similarly, AAX posted a fourth quarter net profit of RM78.6 million, a

losses throughout the week, ulti mately closing 0.8% higher, buoyed by a 0.9% rise on Friday. Investors should note that HSI warrants are now tracking the HSI March 2026 futures. Last week’s fluctuations in the regional index were influenced by a series of impactful developments. Sentiment initially improved after the US Supreme Court overturned US President Donald Trump’s reciprocal tariffs. However, the optimism was shortlived, as geopolitical tensions and disappointing earnings from Nvidia dampened the mood. On Friday, however, the index rose on anticipation without compromising discipline. Doubling revenue while protecting margins, diversifying into recurring income and strengthening opera tional resilience is what truly matters. Our partnership with B.Grimm marks our evolution from an engineering, procurement, construction, and commissioning (EPCC) contractor to an independent power producer reflecting growth that is both deliberate and sustainable.” He added: “When we made the strategic pivot towards sustainable energy, we understood it would redefine Kinergy’s trajectory. Today, the SES (sustainable energy solutions)

Transformational, record-breaking year for Kinergy Advancement PETALING JAYA: Kinergy Advancement Bhd reported a transformational year for the 12 months ended Dec 31, 2025 (FY25), crossing the half-billion ringgit revenue mark for the first time as a strategic pivot to sustainable energy fundamentally reshaped the group’s earnings profile. segment contributes 70% of group revenue, and we expect this proportion to continue rising.” Kinergy said the SES segment contributed RM360.1 million in revenue (+191.5% year-on-year) and delivered a segment profit of RM48.4 million (+60% year-on-year). This performance was under partnership with B.Grimm Power – one of Asia’s leading independent power producers – positions the group to capture EPCC value during the construction phase while establishing a long-term strategic platform for collaboration on future power and sustainable energy developments.

Revenue in Q4’25 surged 141.1% year-on-year to RM191.4 million, the strongest quarterly result in the group’s history. Profit before tax jumped 117.8% to RM17 million for the quarter. Margin expansion to 15.4% from 10.3% supported a sharp rise in gross profit to RM29.38 million, up 82.6%.

Revenue in FY25 surged 109.6% to RM513.2 million, more than double the RM244.8 million registered a year earlier. Profit after tax climbed 36.9% to RM30.1 million. Executive deputy chairman/group managing director Datuk Lai Keng Onn said: “FY2025 demonstrates that our people can execute at scale

pinned by strong execution on Kinergy’s flagship project – the Petronas gas engine power plant in Sabah and Labuan. FY25 also marked Kinergy’s first steps into power plant ownership and recurring income. The acquisition of Jati Cakerawala, followed by the