20/03/2026

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FRIDAY | MAR 20, 2026

Gold demand in M’sia firm amid volatile global market

Slower EPCIC activities dent Yinson’s earnings PETALING JAYA: Yinson Holdings Bhd’s net profit for the fourth quarter ended Jan 31, 2026 (Q4’26) fell 64.54% to RM228 million from RM643 million posted in the same quarter last year. The company said in a Bursa Malaysia filing that the decline was mainly due to lower contributions from its EPCIC (engineering, procurement, construction, installation, and commissioning) activities. The drop was also affected by higher administrative expenses recorded in the current quarter. This was partly offset by impairment losses recognised in the previous quarter for its renewables and green technologies segments. In addition, net earnings were impacted by a higher share of results from joint ventures and associates in the current quarter. This was mainly due to annual charter rate increases tied to the finance lease for FPSO Anna Nery , as well as the start of EPCIC activities for the Block B FSO project in Vietnam. Revenue for Q4’26 was down to RM1.12 billion from RM1.39 billion posted in Q4’25. For FY26, net profit decreased 45.32% to RM683 million from RM1.24 billion in FY25, while revenue decreased 28.47% to RM5.44 billion from RM7.60 billion. In a separate statement, the Yinson board declared a final dividend of one sen per share, amounting to about RM29 million, which will be paid on June 18. This brings the total dividend for FY26 to 5 sen per share, 22% higher than in FY25, reflecting the group’s ability to return capital to shareholders as more of its assets come online. As of March 17, the group has bought back 111.1 million shares under its share buyback programme at an average price of RM2.20 per share, with a total cost of RM244 million. Yinson group executive chairman Lim Han Weng said the group’s steady financial performance continues to be underpinned by the steady contribution of all business units. He said Yinson Renewables’ acquisition of the Mt Cass Wind Farm project in New Zealand marks the first wind farm in its portfolio under construction and strengthens the value of the group’s development pipeline. “The 15-year power purchase agreement and exclusivity agreement signed with Genesis Energy further reinforce our position as a trusted partner in the country’s energy transition.”

PETALING JAYA: Gold continues to draw steady interest from Malaysian investors and consumers, even as geopolitical tensions in the Middle East intensify and concerns over a potential global slowdown linger, according to industry observers. Tomei Consolidated Bhd managing director and CEO Datuk Ng Yih Pyng said demand for gold jewellery has softened somewhat following last year’s price surge, although seasonal buying during festive periods, like during the Chinese New Year, has helped cushion the impact. “We are still anticipating some purchases for Hari Raya. The impact on jewellery demand is not significant yet, though sentiment is cautious,” he said. At the same time, Ng noted a clear shift in buying patterns, with stronger interest in investment-grade gold such as bullion, bars and coins. “There has been increased demand for investment in gold, but how long this can sustain, we don’t know. For now, it’s still doing okay,” he said, adding that price direction will remain closely tied to external factors including US interest rates, central bank reserve movements, geopolitical developments and oil prices. Putra Business School associate professor Dr Ida Yasin said gold continues to appeal as a defensive asset, particularly among high-net worth investors looking to preserve value in a volatile environment. “People who have a lot of money want to make their money work for them. They will take money from stocks or US dollars and move into gold because it is more stable.” She added that broader structural shifts – o Precious metal continues to serve as preferred hedge for investors and cautious consumers for now, say industry observers Ű BY DEEPALAKSHMI MANICKAM sunbiz@thesundaily.com

Analysts expect factors such as US monetary policy, central bank reserve strategies, geopolitical developments and movements in oil prices to shape gold prices through the rest of 2026.

predict, given the uncertain geopolitical backdrop. He pointed to continued central bank buying as a key structural support. “Central banks are still accumulating gold, partly due to de-dollarisation trends. Many countries are shifting reserves away from the US dollar, and that continues to support prices,” he said. Industry observers note a growing divergence between investment demand and jewellery sales. While higher prices have tempered discretionary purchases, demand for physical gold as an investment has accelerated. “We need to watch the post-Raya period, from April to May, to get a clearer picture once the festive effect fades,” Ng said. Looking ahead, analysts expect several factors to shape gold prices through the rest of 2026, including US monetary policy, central bank reserve strategies, geopolitical develop ments and movements in oil prices. “Higher oil prices feed into inflation and costs, which can reinforce gold’s role as a safe haven asset. Even Malaysia, as an oil producing country, will feel the effects if the situation drags on,” Ng said.

including ongoing discussions among BRICS nations around alternative, gold-linked currency frameworks – are reinforcing interest in the metal. At the same time, underlying supply and demand dynamics remain supportive. “Supply is relatively stable, but demand is strong. That is why prices are rising. Investors are reallocating away from US currency and equities in uncertain markets and moving into gold as a safe haven,” she said, projecting that the upward trend could persist over the next six months. On the ground, retailers are seeing this trend play out in real time. Habib Jewels executive chairman and CEO Datuk Seri Meer Habib said recent develop ments in the Middle East initially pushed prices higher, before a period of consolidation emerged as the US dollar and oil prices adjusted. “Gold and the US dollar have both been volatile. The conflict lifted oil prices, which strengthened demand for the dollar and in turn capped some of gold’s gains.” Despite these fluctuations, he said, local demand has remained firm.

Lim noted that Yinson GreenTech has partnered with Toll Group to launch Singapore’s first maritime decarbonisation hub, and further deepened its EV leasing programme in the e hailing and logistics markets. Malaysia’s February trade rises 9.5% year-on-year to RM245.2 billion “Among Malaysian consumers, it’s still a good time to buy. Prices are reasonable, especially during the Hari Raya period. Our outlets have been very crowded, with some items selling out. Demand is strong,” he added. Meer, however, cautioned that near-term price movements will remain difficult to For now, gold continues to serve as a preferred hedge for both investors and more cautious consumers. While short-term movements may remain uneven, underlying demand and sustained central bank activity are likely to keep the broader outlook intact.

KUALA LUMPUR: Malaysia’s trade grew 9.5% to RM245.2 billion in February 2026 from RM223.9 billion a year earlier, the Department of Statistics Malaysia (DoSM) said. Exports rose 10.8% to RM131 billion, while imports increased 8.2% to RM114.2 billion. Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin said the export growth was driven by both re-exports and domestic exports. “Re-exports, which accounted for 20.3% of total exports, rose 24.8% year-on-year to RM26.6 billion. Domestic exports, representing 79.7% of total exports, expanded 7.7% to RM104.3 billion,” he said in a

consumption goods and intermediate goods. Imports of capital goods, accounting for 14% of total imports, rose 15.4% or RM2.1 billion to RM15.9 billion. Consumption goods (8.1% of total imports) increased 1.5% or RM136.7 million to RM9.2 billion. Intermediate goods (51.8% of total imports) rose 0.8% or RM474.5 million to RM59.2 billion. For January-February 2026, total trade rose 11% to RM516.9 billion from RM465.8 billion a year earlier, driven by a 15.2% increase in exports and a 6.4% rise in imports. The trade surplus surged 137.6% to RM38.7 billion. – Bernama

other manufactures (+RM3.0 billion); metalliferous ores and metal scrap (+RM2.4 billion); optical and scientific equipment (+RM2 billion); other goods (+RM325.1 million); and crude petroleum (+RM72.4 million). Imports rose mainly on stronger inflows of E&E products (+RM13.3 billion); metalliferous ores and metal scrap (+RM1.4 billion); other goods (+RM1.1 billion); machinery, equipment and parts (+RM629.4 million); optical and scientific equipment (+RM612.5 million); and other manufactures (+RM533.7 million). Mohd Uzir noted that import growth by end use was driven by higher demand for capital goods,

by higher shipments to the United States (+RM7.4 billion), Taiwan (+RM3.3 billion), the European Union (+RM3.2 billion), Hong Kong (+RM2.2 billion), China (+RM1.7 billion), Thailand (+RM834.2 million) and South Korea (+RM621.6 million). The rise in imports reflected increased inflows from China (+RM6.1 billion), South Korea (+RM3.6 billion), Taiwan (+RM3.3 billion), Costa Rica (+RM1.1 billion), Vietnam (+RM1.1 billion), Switzerland (+RM655.1 mil lion) and the European Union (+RM650.3 million). Exports were boosted by shipments of electrical and electronic (E&E) products (+RM13.5 billion);

statement accompanying the release of the February 2026 Malaysia External Trade Statistics Report. Correspondingly, imports in creased 8.2% to RM114.2 billion. The trade surplus widened 32.5% to RM16.7 billion, marking the 70th consecutive month of surplus since May 2020. Compared with January 2026, exports, imports, total trade and the trade surplus fell 10.8%, 8.5%, 9.8% and 23.9%, respectively. By commodity group, 87 of 258 export groups and 135 of 258 import groups posted gains compared with February 2025. Export growth was mainly driven