Building More Than Structures Annual Report 2025 KIMLUN CORPORATION BERHAD Registration No.: 200901023978 (867077-X) (Incorporated in Malaysia under the Companies Act, 1965)
Kimlun Group is an engineering and construction services provider specialising in infrastructure and building construction, project management, industrial building systems (IBS) and manufacture of concrete products. CORPORATE VALUES K I M L U N NOWLEDGE NTEGRITY ORAL EADERSHIP NITY OVELTY Ancillary to our core business, we also involve in property development and trading in construction and building materials. We have the ability to act as a one-stop engineering services provider, capable of providing a comprehensive and integrated range of concrete products and engineering and construction services to our customers. OUR VISION “We aspire to be a reliable, innovative and profitable provider of full range construction services and products in the South East Asia region”. OUR MISSION “We aim to continuously improve, promote and provide construction activities and services to the society in which we operate. By providing one stop construction design and build services, we aim to add value to our clients that in turn will be beneficial to the society at large. We will treat all partners including suppliers, subcontractors and consultants with trust, honesty and fairness in all business dealings. Towards our employees, we balance our focus on their personal skills development while taking care of their welfare. While seeking to maximise shareholders’ wealth, we strive to maintain harmony with the interest of the society to enhance our corporation’s sustainability”.
WHAT’S INSIDE Corporate Information 002 Corporate Structure 003 Corporate Milestones 004 Profile of Directors Group Financial Highlights 006 011 Chairman’s Statement 012 Management Discussion and Analysis 016 Sustainability Statement Corporate Governance Overview Statement 026 071 Additional Compliance Information Disclosures 086 Audit and Risk Management Committee Report 090 Statement on Risk Management and Internal Control 096 Statement on Directors’ Responsibility Analysis of Shareholdings 102 103 List of Properties 106 Notice of Seventeenth (17th) Annual General Meeting 108 Statement Accompanying Notice of Annual General Meeting Administrative Guide for the Seventeenth Annual General Meeting (“17th AGM”) FINANCIAL STATEMENTS Proxy Form 116 117
CORPORATE INFORMATION BOARD OF DIRECTORS Pang Tin @ Pang Yon Tin Pang Khang Hau Chin Lian Hing Sim Tian Liang Executive Director Independent Non-Executive Director Independent Non-Executive Director Executive Director Datuk Woon See Chin Johar Salim Bin Yahaya Yam Tai Fong Anita Chew Cheng Im Independent Non-Executive Director Independent Non-Executive Director Independent Non-Executive Director Bhupendar Singh A/L Sewa Singh Dato’ Ir. Fong Tian Yong Executive Chairman Chief Executive Officer and Executive Director Executive Director AUDIT AND RISK MANAGEMENT COMMITTEE NOMINATION COMMITTEE REGISTERED OFFICE Chairperson • Anita Chew Cheng Im Independent Non-Executive Director Members • Datuk Woon See Chin Independent Non-Executive Director • Bhupendar Singh A/L Sewa Singh Independent Non-Executive Director • Dato’ Ir. Fong Tian Yong Independent Non-Executive Director Chairman • Johar Salim Bin Yahaya Independent Non-Executive Director Members • Anita Chew Cheng Im Independent Non-Executive Director • Bhupendar Singh A/L Sewa Singh Independent Non-Executive Director Office Suite No. 603 Block C, Pusat Dagangan Phileo Damansara 1, No. 9, Jalan 16/11, Off Jalan Damansara, 46350 Petaling Jaya, Selangor, Malaysia Telephone No. : (+603) 7890 0238 REMUNERATION COMMITTEE COMPANY SECRETARIES REGISTRAR AUDITOR HEAD OFFICE Chairman • Datuk Woon See Chin Independent Non-Executive Director Members • Johar Salim Bin Yahaya Independent Non-Executive Director • Dato’ Ir. Fong Tian Yong Independent Non-Executive Director Yeng Shi Mei (MAICSA 7059759) (SSM PC No. 202008001282) Tay Lee Shya (MIA 16982) (SSM PC No. 202008002274) Rebecca Kong Say Tsui (MAICSA 7039304) (SSM PC No. 202008001003) Tricor Investor & Issuing House Services Sdn. Bhd. Unit 32-01, Level 32, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur Telephone No. : (+603) 2783 9299 Facsimile No. : (+603) 2783 9222 E-mail : is.enquiry@vistra. com Ernst & Young PLT 202006000003 (LLP0022760-LCA) & AF 0039 B-15, Menara IIB, Persiaran Medini Sentral 1, Bandar Medini Iskandar, 79250 Iskandar Puteri, Johor Darul Ta’zim Telephone No. : (+607) 288 3111 Facsimile No. : (+607) 288 3112 Suite 19.06, Level 19, Johor Bahru City Square, 106-108, Jalan Wong Ah Fook, 80888 Ibrahim International Business District, Johor Darul Ta’zim Telephone No. : (+607) 222 8080 Facsimile No. : (+607) 223 8282 E-mail : info@kimlun.com Web-site : www.kimlun.com 002 KIMLUN CORPORATION BERHAD •
CORPORATE STRUCTURE ANNUAL REPORT 2025 003 100% 100% 100% 100% 100% Kimlun Sdn. Bhd. SPC Industries Sdn. Bhd. Kimlun Land Sdn. Bhd. Kii Amber Sdn. Bhd. Kimlun Medini Sdn. Bhd. Rock Projects Sdn. Bhd. Zenwatt FPV Sdn. Bhd. KL Building Materials Sdn. Bhd. 67% Zecon Kimlun Consortium Sdn. Bhd. Kimlun Superior Crest Sdn. Bhd. JBB Kimlun Sdn. Bhd. Kii Melodia Sdn. Bhd. Bayu Damai Sdn. Bhd. Astaka Kimlun Sdn. Bhd. Bonus Focus Development Sdn. Bhd. Sun Sakura Sdn. Bhd. Posh Atlantic Sdn. Bhd. Kitaran Lintas Sdn. Bhd. Kiiville Sdn. Bhd. Kii Ashbury Sdn. Bhd. Kii Morris Sdn. Bhd. Pinegate Development Sdn. Bhd. 33% 100% 51% 51% 30% 60% 40% 69.50% 49% 49% 100% 100% 100% 100% 100% 100% 50% 51%
CORPORATE MILESTONES 1977 TO 2003 2004 TO 2008 2009 TO 2012 1977 • Our humble beginnings started when Kimlun Earthworks Sdn. Bhd. was incorporated. 1994 • Kimlun Earthworks Sdn. Bhd. changed its name to Kimlun Sdn. Bhd. (“KLSB”). 1997 - 2002 • KLSB involved in building construction and infrastructure projects with contract value less than RM20.0 million each in Johor, Malaysia. 2002 • SPC Industries Sdn. Bhd. (“SPC”) commenced its pre-cast concrete business. 2003 • KLSB secured its first contract with a value exceeding RM20.0 million for the construction of apartments and townhouses. • SPC was accredited with ISO 9001:2000 Quality Management. 2004 • SPC supplied concrete sewerage tunnel segments to Pantai Trunk Sewerage Bored Tunnel project in Kuala Lumpur. 2005 • KLSB ventured into specialised infrastructure construction by constructing the Tanjung Puteri flyover in Johor Bahru. • KLSB ventured into Klang Valley with the construction of 70 units of semi detached houses. • SPC secured its first sales contract for the supply of concrete tunnel lining segments to Singapore MRT project. 2006 • KLSB secured specialised infrastructure construction project for the upgrading works of the Perling Interchange in Johor Bahru. 2007 • KLSB was accredited the “ISO 9001:2000, Quality Management System” certification. 2008 • KLSB secured the project for the construction of the elevated interchange along Johor Bahru Inner Ring Road – Package 3B Jalan Abu Bakar Interchange with a contract value exceeding RM100 million. • KLSB formed IBS Department to promote IBS construction methods. 2009 • KLSB secured its first Industrial Building System (“IBS”) building project from Iskandar Regional Development Authority at a contract value of RM142.81 million. • Kimlun Corporation Berhad was incorporated as an investment holding company. 2010 • Kimlun Corporation Berhad acquired KLSB, SPC and IBT in conjuction with its proposed initial public offering exercise. • Kimlun Corporation Berhad was successfully listed on the Main Market of Bursa Malaysia Securities Berhad on 29 June 2010. • Kimlun Corporation Berhad incorporated a subsidiary namely, Kimlun Land Sdn. Bhd. (“KLLSB”). 2011 • Kimlun Group ventured into property development with its first development land in Cyberjaya, Selangor. 2012 • SPC was appointed by Mass Rapid Transit Corporation Sdn. Bhd. as the designated supplier for the supply of segmental box girders (“SBG”) to certain packages of the Projek Mass Rapid Transit Lembah Kelang: Jajaran Sungai Buloh-Kajang for RM223.18 million. • KLSB secured more than RM400 million worth of IBS projects during 2012. 004 KIMLUN CORPORATION BERHAD •
CORPORATE MILESTONES 2013 TO 2016 2017 TO 2020 2021 TO 2025 2013 • Kimlun Group launched its first property development project, the Hyve SOHO and Offices in Cyberjaya, Selangor. • KLSB secured its first contract with a value exceeding RM290 million for the construction of service apartments and ancillary buildings. • SPC set up a new precast concrete products manufacturing plant on a piece of land measuring approximately 130 acres in Negeri Sembilan, and commenced production during the year. 2015 • Kimlun Corporation Berhad incorporated a subsidiary, KL Building Materials Sdn. Bhd. (“KBMSB”). The principal activities of KBMSB are manufacturing and trading of building and construction materials, and provision of quarry services and machinery rental services. 2016 • Kimlun Group’s joint venture company, Zecon Kimlun Consortium Sdn. Bhd., was awarded a work package contract for the Proposed Development and Upgrading of the Pan Borneo Highway in Sarawak for a contract sum of RM1.46 billion. This signifies the Group’s geographical diversification to East Malaysia, and expansion of its construction services to highway project. The Project is the single largest contract which the Group won in its history. • SPC won SBG and tunnel lining segments supply contracts in relation to Projek Mass Rapid Transit Lembah Kelang: Jajaran Sungai Buloh-Putrajaya Line, with aggregate contract value of RM252 million. 2024 • KLLSB acquired equity interest in Posh Atlantic Sdn. Bhd. (“PASB”) and Bonus Focus Development Sdn. Bhd. (“BFDSB”), thereby PASB and BFDSB became subsidiaries of KLLSB. The principal activities of PASB and BFDSB are property investment and property development. • KABSB subscribed for equity interest in Astaka Kimlun Sdn. Bhd. (“AKSB”), thereby AKSB became an associate company of KABSB. The principal activities of AKSB are property investment and property development. 2025 • KLLSB acquired equity interest in Sun Sakura Sdn. Bhd. (“SSSB”), thereby SSSB became subsidiary of KLLSB. The principal activity of SSSB is property development. • KLLSB incorporated three subsidiaries, Kiiville Sdn. Bhd. (“KVSB”), Kii Ashbury Sdn. Bhd. (“KASB”) and Kii Morris Sdn. Bhd. (“KMSB”). The principal activities of KVSB, KASB and KMSB are property investment and property development. • Kimlun Group commenced premix production in Sarawak and Johor. 2020 • KLSB successfully registered with CIDB for additional specialisation to construct hospital building. • Kimlun Corporation Berhad incorporated a subsidiary, Kii Amber Sdn. Bhd. (“KABSB”). The principal activities of KABSB are investment holding, property investment and development. • KABSB subscribed for equity interest in Bayu Damai Sdn. Bhd. (“BDSB”), thereby BDSD became a subsidiary of KABSB. The principal activity of BDSB is property development. • KABSB incorporated a subsidiary, Kii Melodia Sdn. Bhd. (“KMLDSB”). The principal activities of KMLDSB are property investment and property development. 2017 • KLSB subscribed for equity interest in JBB Kimlun Sdn. Bhd. (“JKSB”), thereby JKSB became a joint venture company of KLSB. The principal activity of JKSB is building and infrastructure contractor. ANNUAL REPORT 2025 005
PROFILE OF DIRECTORS 006 KIMLUN CORPORATION BERHAD • Pang Tin @ Pang Yon Tin (“Mr Pang Tin”), a Malaysian aged 78, male, was appointed to the Board as Executive Chairman of Kimlun Corporation Berhad on 24 October 2009 and is responsible for overseeing the management of our Group. Mr Pang Tin completed Senior Middle Three at Foon Yew High School in Johor Bahru, Johor, in 1966. He commenced his career in the construction industry in 1966 by assisting his late father in his construction business. He, together with Phang Piow @ Pang Choo Ing, incorporated Kimlun Sdn. Bhd. in 1977 to continue their venture in the construction industry. With the experience gained in the construction industry, he ventured into quarry business in 1970s and into property development in 1980s. Mr Pang Tin has more than 46 years of experience in various sectors, encompassing property development, property investment, construction, quarrying, manufacturing and hotel management. He also sits on the Board of several private limited companies. PANG TIN @ PANG YON TIN Executive Chairman Date of Appointment 24 October 2009 Gender : Male Nationality : Malaysian Age : 78 years Pang Khang Hau (“Mr Pang”), a Malaysian aged 44, male, was appointed to the Board as Executive Director of Kimlun Corporation Berhad on 24 October 2009. Mr Pang was appointed as Chief Executive Officer of Kimlun Corporation Berhad on 1 May 2025 and is responsible for strategic planning and the overall management of the Group. Mr Pang graduated from the University of Western Australia in 2005, obtaining a Bachelor’s Degree in Civil Engineering. He completed a Master of Business Administration degree at the University of Liverpool, UK, in 2010. He commenced his career in the construction industry in 2006 with his appointment as a Director of Kimlun Sdn. Bhd. where he is responsible for business development activities, human resource, administration and management of our Group. PANG KHANG HAU Chief Executive Officer & Executive Director Date of Appointment 24 October 2009 Gender : Male Nationality : Malaysian Age : 44 years
PROFILE OF DIRECTORS ANNUAL REPORT 2025 007 Sim Tian Liang (“Mr Sim”), a Malaysian aged 71, male, was appointed to the Board as Chief Executive Officer of Kimlun Corporation Berhad on 24 October 2009. As part of succession planning, Mr Sim relinquished his position as Chief Executive Officer with effect from 1 May 2025, while retaining his position as an Executive Director of the Company. Following his relinquishment of the Chief Executive Officer position, he is responsible for the corporate affairs of our Group, including business development activities, strategic planning and for the overall management of the Group. Mr Sim graduated from Universiti Teknologi Malaysia in 1978, obtaining a Bachelor’s Degree (Honours) in Engineering. He is the past Chairman of the Institution of Engineers Malaysia Southern Branch and past President of Johor Master Builders Association. He is also a member of the Chartered Institution of Highway and Transportations of the UK, a Honorary Member of Asean Federation of Engineering Organisation and a Fellow of Construction Industry Development Board Malaysia. Mr Sim is a professional engineer registered with the Board of Engineers Malaysia, and has been in the construction industry since 1978 where he commenced work as a civil engineer with the Malaysian Government. He joined Pang Hock Constructions Sdn. Bhd. (now known as Tebrau Bay Constructions Sdn. Bhd.) towards the end of 1996 and was appointed as its Project Director in 1997 where his responsibilities included overseeing, monitoring and management of building and infrastructure construction projects. In 2003, he left Pang Hock Constructions Sdn. Bhd. and joined Kimlun Sdn. Bhd. as Chief Executive Officer. His primary role is to oversee to the execution of corporate objectives, as well as to provide the strategic direction of the company. SIM TIAN LIANG Executive Director Date of Appointment 24 October 2009 Gender : Male Nationality : Malaysian Age : 71 years Chin Lian Hing (“Mr Chin”), a Malaysian aged 61, male, was appointed to the Board as Executive Director of Kimlun Corporation Berhad on 24 October 2009 and is responsible for the operations and business development activities of our construction business. Mr Chin graduated from Tunku Abdul Rahman College, Malaysia, in 1988, obtaining a Diploma in Technology (Building). He holds a Bachelor’s Degree of Applied Science (Constructions Management and Economics) from Curtin University of Technology, Australia. Mr Chin has been in the construction industry since 1988 where he commenced work as an Assistant Quantity Surveyor in Rukumas Sdn. Bhd., leaving in 1989 to join AJ Construction Sdn. Bhd. as a Quantity Surveyor. In 1990, he joined Hoon Lay Kien Construction, also as a Quantity Surveyor. Thereafter, he joined Chin Kek Ling Transport in mid-1990 before leaving to join Pang Hock Constructions Sdn. Bhd. (now known as Tebrau Bay Constructions Sdn. Bhd.) in January 1992. During his time at Pang Hock Constructions Sdn. Bhd., his last held position was General Manager (Operations and Contracts) and he was responsible for overseeing the tendering of building and infrastructure construction projects, and project implementation. He left Pang Hock Constructions Sdn. Bhd. in 2002 to join Kimlun Sdn. Bhd., where he is responsible for the operations and business development activities of the company. CHIN LIAN HING Executive Director Date of Appointment 24 October 2009 Gender : Male Nationality : Malaysian Age : 61 years
008 KIMLUN CORPORATION BERHAD • PROFILE OF DIRECTORS Datuk Woon See Chin (“Datuk Woon”), a Malaysian aged 82, male, was appointed to the Board as Independent Non-Executive Director of Kimlun Corporation Berhad on 1 October 2020. He is the Chairperson of the Remuneration Committee and a member of the Audit and Risk Management Committee. Datuk Woon graduated from the law school of University of Singapore and is an advocate and solicitor by profession and has been in legal practice in Johor Bahru for more than 50 years. Datuk Woon was an Independent Non-Executive Director of Focal Aims Holdings Bhd (now knows as Eco World Development Group Bhd) for more than 9 years until his resignation on 28 November 2013. He was a Johor State Assembly member in 1982 and was elected as a Member of Parliament of Malaysia from 1986 to 1995. He served as a Deputy Minister of Education of Malaysia for 4 years from 1986 to 1990. DATUK WOON SEE CHIN Independent Non-Executive Director Date of Appointment 1 October 2020 Gender : Male Nationality : Malaysian Age : 82 years Johar Salim Bin Yahaya (“Encik Johar”), a Malaysian aged 72, male, was appointed to the Board as Independent Non-Executive Director of Kimlun Corporation Berhad on 1 December 2021. He is the Chairperson of the Nomination Committee and a member of the Remuneration Committee. Encik Johar graduated with a Bachelor of Economics (Hons.) Degree from University of Malaya. He started his career with Bank of America in 1974 and later moved to Malaysian French Bank in 1983. He joined Kumpulan Prasarana Rakyat Johor as Chief Operating Officer from 1997 to 2003 and rose to become the Chief Executive Officer until 2013. He was also the Chief Executive Officer of Tebrau Teguh Berhad from 2004 to 2012 and Executive Chairman of PLS Plantation Bhd from 2000 to 2013. Encik Johar is currently the Chairman of Selia Ekuiti Sdn. Bhd. JOHAR SALIM BIN YAHAYA Independent Non-Executive Director Date of Appointment 1 December 2021 Gender : Male Nationality : Malaysian Age : 72 years Yam Tai Fong (“Ms Yam”), a Malaysian aged 58, female, was appointed to the Board as Executive Director of Kimlun Corporation Berhad on 24 October 2009 and is responsible for all financial matters concerning our Group. Ms Yam graduated from Monash University, Australia, in 1990, obtaining a Bachelor’s Degree in Economics. Since 1994, she has been a member of the Malaysian Institute of Accountants. Ms Yam commenced her career at Ernst & Young, Malaysia, in 1991, with responsibilities for audit, taxation and corporate advisory matters, leaving in 1994 to join Pang Hock Constructions Sdn. Bhd. (now known as Tebrau Bay Constructions Sdn. Bhd.). Whilst at Pang Hock Constructions Sdn. Bhd., she was responsible for the financial management and management reporting of its affairs. She left Pang Hock Constructions Sdn. Bhd. in 2003 to join Kimlun Sdn. Bhd. to assume similar responsibilities. YAM TAI FONG Executive Director Date of Appointment 24 October 2009 Gender : Female Nationality : Malaysian Age : 58 years
ANNUAL REPORT 2025 009 PROFILE OF DIRECTORS Anita Chew Cheng Im (“Anita”), a Malaysian aged 59, female, was appointed to the Board as an Independent Non-Executive Director of Kimlun Corporation Berhad on 1 December 2021. She is the Chairperson of the Audit and Risk Management Committee and a member of the Nomination Committee. Anita graduated from Monash University, Australia with a Bachelor of Economics Degree, majoring in Accounting in April 1990. Anita started her career as an audit assistant at KPMG, Melbourne in 1990. She left KPMG in September 1991 to return to Malaysia. While in KPMG, she was engaged in the audit of the media, retail and mining industries. In 1992, Anita joined the Corporate Finance department of Bumiputra Merchant Bankers Berhad (now known as Alliance Investment Bank Berhad after merging with Amanah Investment Bank Berhad) and was with the investment bank for approximately 5 years. From 2003 to 2007, she worked at Hwang DBS Investment Bank Berhad as Senior Vice President, Equity Capital Market. Prior to that, she was a Director, Corporate Finance at Alliance Investment Bank Berhad from 1997 to 2003. Anita was involved in most related areas of corporate finance work during her tenure in the various investment banks, having advised clients on numerous IPO, fund raising, both equity and debt, mergers and acquisitions; and corporate and debt restructuring exercises. Since Anita left the investment banking industry in 2007, she has been sitting on various corporate boards. She is currently an Independent Non-Executive Director of Plytec Holding Berhad and SKP Resources Berhad, companies listed on Bursa Securities Malaysia Berhad. She also sits on Fortress Minerals Ltd, a company listed on the Singapore Exchange (SGX) as an Independent Non-Executive Director. ANITA CHEW CHENG IM Independent Non-Executive Director Date of Appointment 1 December 2021 Gender : Female Nationality : Malaysian Age : 59 years Bhupendar Singh A/L Sewa Singh (“Mr Bhupendar”), a Malaysian aged 68, male, was appointed to the Board as Independent Non-Executive Director of Kimlun Corporation Berhad on 1 December 2021. He is a member of the Audit and Risk Management Committee and Nomination Committee. Mr Bhupendar holds a Bachelor’s Degree (Honours) in Accounting from Universiti Malaya. He is a member of the Malaysian Institute of Accountants and an Associate Member of the Chartered Tax Institute of Malaysia. Mr Bhupendar commenced his career with Hanafiah, Raslan & Mohammad in 1983 with the taxation unit and the firm merged with Arthur Andersen & Co in April 1990. He became a Tax Partner in 1996 and moved to the firm of Ernst & Young in 2002. He was a senior tax partner with the firm until October 2010 when he left to join Petronas as the Head of Group Tax Department. He became a Vice President in 2016 and retired from Petronas in March 2020. He was responsible for setting up and growing the Tax Department of Petronas to be able to manage all the tax affairs of the Group in an effective manner. Mr Bhupendar is currently running his own tax consultancy and advisory firm providing such services to clients in various industries. BHUPENDAR SINGH A/L SEWA SINGH Independent Non-Executive Director Date of Appointment 1 December 2021 Gender : Male Nationality : Malaysian Age : 68 years
010 KIMLUN CORPORATION BERHAD • PROFILE OF DIRECTORS Dato’ Ir. Fong Tian Yong (“Dato’ Ir. Fong”), a Malaysian aged 77, male, was appointed to the Board as Independent Non-Executive Director of Kimlun Corporation Berhad on 1 December 2021. He is a member of the Audit and Risk Management Committee and the Remuneration Committee. Dato’ Ir. Fong holds a Bachelor’s Degree in Civil Engineering from Singapore University. Upon graduation in 1974, he joined the Public Works Department as Executive Engineer and rose to become the Deputy Director General of Local Government Department of the Ministry of Housing & Local Government (KPKT) until his retirement from government service in 2007. He was thereafter appointed to serve as Technical Advisor to four Ministers of KPKT until 2012 when he joined Malaysia-China Business Council as its Executive Director until 2021. In KPKT, Dato’ Ir. Fong oversaw the development of Chinese New Village Master Plan, the amendments of Street, Drainage and Building Act, Uniform Building Bylaws and several policy matters. He co-authored the Book, Malaysian Chinese New Villages. On the corporate side, Dato’ Ir Fong is a director of Malaysia-China Business Council, a not-for-profit company limited by guarantee as well as the Editor of the Board of Engineers Malaysia. He was the past President of the Technological Association Malaysia. DATO’ IR. FONG TIAN YONG Independent Non-Executive Director Date of Appointment 1 December 2021 Gender : Male Nationality : Malaysian Age : 77 years Notes to the Profile of Directors: 1. Pang Tin @ Pang Yon Tin is the father of Pang Khang Hau. Save as disclosed, none of the directors have any family relationship with any other director and/or major shareholder of the Company. 2. Save for Pang Tin @ Pang Yon Tin and Pang Khang Hau, who have interest in the recurrent related party transactions as disclosed under Note 32 to the financial statements contained in this Annual Report, as well as their conflict of interest or potential conflict of interest as disclosed under the Audit and Risk Management Committee Report contained in this Annual Report, none of the remaining directors have any conflict of interest or potential conflict of interest, including interest in any competing business with the Company or its subsidiaries. 3. None of the directors have convicted of any offences within the past five (5) years and being imposed with any public sanction or penalty by the relevant regulatory bodies during the financial year 2025, other than traffic offences, if any.
GROUP FINANCIAL HIGHLIGHTS REVENUE (RM’000) BASIC EARNINGS/ (LOSS) PER SHARE (SEN) PROFIT/(LOSS) BEFORE TAX (PBT) (RM’000) PROFIT/(LOSS) AFTER TAX (PAT) (RM’000) 2021 2022 2023 2024 2025 1,925,207 2025 28.59 2025 138,111 2025 106,832 852,569 1,207,413 756,134 691,087 2024 14.50 2024 68,398 2024 50,782 2023 2.00 2023 13,055 2023 6,878 2022 2022 2022 (2.05) (3,698) (7,291) 2021 (0.17) 2021 971 2021 (728) REVENUE BY SEGMENT (RM’000) 503,982 538,156 638,548 998,764 44,994 31,622 23,809 8,564 142,103 186,337 190,198 200,065 8 19 14 20 1,415,432 268,492 240,797 486 Construction Property Development Manufacturing Investment 2025 2024 2023 2022 2021 GROSS PROFIT (RM’000) 50,105 86,541 61,582 98,473 234,681 2025 2023 2024 2022 2021 ANNUAL REPORT 2025 011
CHAIRMAN’S STATEMENT DEAR SHAREHOLDERS, ON BEHALF OF THE BOARD OF DIRECTORS (“THE BOARD”), I AM PLEASED TO PRESENT THE ANNUAL REPORT OF KIMLUN CORPORATION BERHAD (“THE COMPANY”) FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2025 (“FY2025”). 012 KIMLUN CORPORATION BERHAD • OUR OPERATING ENVIRONMENT Malaysia’s construction industry demonstrated strong resilience in 2025, sustaining momentum from a robust 2024. Double‑digit growth in 2025 was driven by infrastructure projects, property market recovery, and foreign investment. In Johor, our home base, the property sector experienced a significant resurgence, driven by the upcoming RTS link, the Johor‑Singapore Special Economic Zone (JS‑SEZ), and substantial foreign direct investment. Johor had established itself as Malaysia’s second‑largest residential market, while industrial properties registered robust expansion. Capitalizing on this favourable environment, the Group secured a record RM2.8 billion worth of new construction projects in FY2025, surpassing the previous record of RM2.17 billion in FY2024. In addition, our subsidiaries and associate company launched three developments in Johor Bahru---Pinegate Residency, Taman Nusa Melati and Arden Residence, with a combined estimated gross development value of RM1.7 billion. All three projects have achieved encouraging take-up rates. In Singapore, construction demand strengthened further in 2025. Our Pre‑Cast Concrete Products Division (“PCPD”) capitalized on opportunities from public sector projects, securing multiple sales orders related to the Singapore MRT. Total new PCPD sales orders from Malaysia and Singapore amounted to RM0.11 billion in FY2025.
CHAIRMAN’S STATEMENT ANNUAL REPORT 2025 013 OUR BUSINESS PERFORMANCE With the record revenue across all the active business divisions, the Group achieved a record high revenue and profit in FY2025. The Group recorded revenue of RM1.93 billion in FY2025, an increase of 59.5% compared to FY2024. Gross profit (“GP”) more than doubled of FY2024, at RM234.68 million, supported by higher revenue and better GP margin. Other operating income was lower compared to FY2024, as FY2024 recorded gains from remeasurement of financial liabilities, write-back of land held for development and reversal of impairment allowances. Administration and finance costs rose in line with expanded operations and property development activities. Overall, the Group achieved a record high profit before tax and profit after tax of RM138.11 million and RM106.83 million respectively in FY2025. Please refer to the Financial Review section under the Management Discussion and Analysis for further details on our performance. OUTLOOK We have an estimated construction and manufacturing balance order book of approximately RM4.47 billion and RM0.26 billion respectively as at 31 December 2025, from a diversified clientele. This sizeable balance orders, together with unbilled property sales of RM692 million, provides strong earnings visibility for the next few years. Nevertheless, challenges remain. Geopolitical tensions, particularly the ongoing Middle East conflict, have disrupted global crude oil supply, driving energy prices higher and cascading into transport, logistics, and manufacturing costs. Construction material costs are also escalating. If this trend continues, margins are expected to come under pressure, and some developers may defer new projects. As the conflict continues to evolve, the extent and duration of its impact on our businesses remain difficult to predict. In response, the Group will adopt a cautious approach to bidding and new launches, while leveraging its strong track record, extensive industry experience, and continued support from bankers to navigate uncertainties. REWARD TO SHAREHOLDERS – DIVIDEND While we do not adopt a formal dividend policy, we have consistently declared dividends every year since our listing on the Main Market of Bursa Malaysia Securities Berhad in 2010. For FY2025, the Board recommends a single tier dividend of 4.0 sen per share, subject to shareholders’ approval at the forthcoming Annual General Meeting. We remain committed to rewarding loyal shareholders while balancing funding needs of our business operation and expansion. ACKNOWLEDGEMENT On behalf of the Board, I extend heartfelt gratitude to our shareholders, bankers, customers, business partners and regulatory authorities for their continued support. We also express deep appreciation to our management team and employees for their dedication and hard work. Pang Tin @ Pang Yon Tin Chairman
主席文告 014 KIMLUN CORPORATION BERHAD • 敬爱的股东， 本人谨代表董事局提呈金轮 企业有限公司（“本公司”） 截至2025年12月31日财年 （“2025财政年”）的年度 报告。 我们的运营环境 马来西亚建筑业在2025年展现了强大的韧性，延续了2024年的强劲增长势头。在基础设施项目、房地产市场复苏以及外 来投资的推动下，该行业在2025年实现了双位数的增长。 在我们的基地---柔佛州，受柔新捷运（RTS Link)、柔佛-新加坡经济特区（JS-SEZ）以及大量外国直接投资的带动，房地 产行业显著回升。在2025年，柔佛成为马来西亚第二大住宅市场，同时工业地产也呈现高速增长。 在这有利的市场环境下，我们在2025财年成功获得28亿令吉的新建筑合同，刷新了2024财年21.7亿令吉的历史纪录。 此外，我们的子公司和联营公司在新山推出了三个发展项目---Pinegate Residency、Taman Nusa Melati 和 Arden Residence，总估算发展价值达17亿令吉。上述三个项目均取得了令人鼓舞的认购率。 新加坡建筑业在2025年的建筑需求也进一步增强。我们的预制混凝土产品制造部门（“PCPD”）在该年获得了与新加坡捷 运项目相关的多项销售订单。PCPD从新加坡和马来西亚市场获得的新销售订单总额为1.1亿令吉。
主席文告 ANNUAL REPORT 2025 015 股东回馈—股息 虽然我们未设立正式的股息政策，但自2010年在马来西 亚证券交易所主板上市以来，我们每年均派股息回馈股 东。 针对2025财年，董事局建议派发每股4仙的终期单层股 息，此项建议尚需在即将举行的年度股东大会上寻求股 东批准。 我们将继续致力在运营及业务扩张的资金需求与派息之 间保持平衡。 我们的业务表现 由于各活跃业务部门的收入均创下纪录，我们在2025财 年的营业额与利润双双刷新历史高位。 我们在2025财年录得19.3亿令吉的营业额, 比 2024 财年增 长59.5%. 在营业额增长及毛利率改善的支撑下，毛利达2.35亿令 吉，较2024财年翻倍有余。 其他经营收入较2024财年有所减少，主要2024财年得利 于金融负债重估收益、发展用地与应收账款减值回拨。 行政与财务开支的增加，则与业务规模的扩张及房地产 开发活动的活跃程度相符。 总体而言，我们在2025财年录得税前利润1.38亿令吉， 税后利润1.07亿令吉，均创历史新高。 有关业绩表现的更多详情，请参阅2025财年年度报告的 第 21 至 22 页。 展望 截至2025年12月31日，我们拥有来自多元化客户群的建 筑与制造业务的未完成订单，估算分别约为44.7亿令吉 和2.6亿令吉。这些数额庞大的未完成订单，连同6.92亿 令吉的未入账房产销售，为未来几年的盈利前景提供了 极高的可见度。 尽管如此，挑战依然存在。地缘政治局势紧张，特别是 中东冲突，干扰了全球原油供应，推高了能源价格，并 连锁波及运输、物流及制造成本。 建筑材料成本已开始上涨。若此趋势持续，利润空间预 计将面临压力，部分开发商可能会推迟新项目。 随着冲 突不断演变，其对我们业务的影响难以预测。 针对上述情况，我们将对竞标和新项目启动采取谨慎态 度，同时利用自身强大的品牌实力、丰富的行业经验以 及银行机构的持续支持，以应对不确定性。 致谢 我谨代表董事局，衷心感谢各位股东、银行机构、客 户、商业伙伴以及监管机构一直以来的支持。我们也对 管理团队及全体员工的敬业精神与辛勤付出表示深切谢 意。 彭廷 主席
016 KIMLUN CORPORATION BERHAD • MANAGEMENT DISCUSSION AND ANALYSIS VISION We aspire to be a reliable, innovative and profitable provider of full range construction services and products in the South East Asia region. MISSION We aim to continuously improve, promote and provide construction activities and services to the society in which we operate. By providing one stop construction design and build services, we aim to add value to our clients that in turn will be beneficial to the society at large. We will treat all partners including suppliers, subcontractors and consultants with trust, honesty and fairness in all business dealings. Towards our employees, we balance our focus on their personal skills development while taking care of their welfare. While seeking to maximise shareholders’ wealth, we strive to maintain harmony with the interest of the society to enhance our corporation’s sustainability. K I M L U N NOWLEDGE NTEGRITY ORAL EADERSHIP NITY OVELTY CORPORATE VALUES
MANAGEMENT DISCUSSION AND ANALYSIS OVERVIEW OF OUR BUSINESSES AND OPERATIONS KIMLUN GROUP’S CORE BUSINESSES Property Development Manufacturing and Trading Construction and Engineering Land Bank Johor Kuala Lumpur and Selangor Ongoing Development Projects in Johor (a) Service apartment -Pinegate Residency; -Arden Residence (b) houses & shop office - Taman Nusa Melati Upcoming Development Service apartment project in Johor - Lino Residence Precast Concrete Products Tailor made products for infrastructure related projects Customised products for IBS building related projects Quarry Products Aggregates, premix and concrete Building Division Residential projects: high rise and landed properties Non residential projects: retail malls, factories, hospitals, schools and colleges Infrastructure Division Highways, interchanges, flyovers, roads and earthworks ANNUAL REPORT 2025 017
PRODUCTION PLANT AND PRODUCTS SARAWAK • Aggregates • Premix • Concrete drains JOHOR • Tunnel lining segment • Rail sleeper • Jacking pipe • Vertical cast pipe • Box culverts • Prefabricated prefinished volumetric module • Hollow core slab • Column and beam • Aggregates • Premix NEGERI SEMBILAN • Tunnel lining segment • Segmental box girder • Parapet walls • Column and beam Constrution Projects Balance order book as at 31 Dec 2025: RM4.47 billion Notable completed projects include: • Main building works for Marlborough College East, Johor • Mall of Medini, Johor • Granada Hotel, Johor • Gleneagle Medini Hospital, Johor • Pan Borneo Highway Sarawak On-going projects include: • Sarawak-Sabah Link Road • Various apartment and landed properties projects in Selangor and Johor Completed sales orders include: • Segmental box girder (“SBG”) and tunnel lining segment (“TLS”) to Klang Valley MRT (“KVMRT”) Line 1 and Line 2 • TLS to Singapore MRT Circle Line, Downtown Line and Thomson Line • Precast Bathroom to Michael and Festival Hotel, Singapore On-going sales orders include: • TLS, rail sleepers and IBS for Singapore MRT projects • Jacking pipes for Singapore Deep Tunnel Sewerage project • IBS for Singapore Integrated Waste Management Facility Manufacturing Order Balance order book as at 31 Dec 2025: RM0.26 billion Public sectorPrivate sector Building projects Infrastructure projects All projects in Malaysia 32% 66% 68% 34% Malaysia orders Singapore orders 1% 99% 018 KIMLUN CORPORATION BERHAD • MANAGEMENT DISCUSSION AND ANALYSIS
ANNUAL REPORT 2025 019 MANAGEMENT DISCUSSION AND ANALYSIS PROPERTY DEVELOPMENT Location / Land Area Type of Land Usage / Plan Development Selective Land Bank in Hand Bandar Seri Alam, Johor Bahru, Johor / 11.11 acres Freehold commercial land / commercial development Within Meridin East Township, Mukim Plentong Johor Bahru, Johor / 17.90 acres Freehold commercial land / commercial development Medini Iskandar Malaysia, Johor / 5.31 acres 99-years lease on freehold commercial land / A combination of SOHO and retails properties Iskandar Puteri, Johor Bahru, Johor / 19.84 acres Freehold agriculture land / mixed development Iskandar Puteri, Johor Bahru, Johor / 29.00 acres Freehold agriculture land / commercial development Mukim Pulai, Johor Bahru, Johor / 5.15 acres Freehold agriculture land / commercial development Situated next to Alam Damai, Cheras, Kuala Lumpur / 43.87 acres 10 pieces of freehold agriculture land / mixed development Seksyen U10 Shah Alam, Selangor / 19.10 acres 72 units of 99-years leasehold vacant detached lots approved for bungalow development Location Gross Development Value (RM) Launched Development / Planned Development On-going Projects Pinegate Residency, Masai, Johor 650 million 1,792 service apartment units Arden Residence, Johor Bahru, Johor 810 million 618 service apartment units and 4 commercial lots Taman Nusa Melati, Iskandar Putri, Johor 235 million 158 units of terrace house and 42 units of shop office Total 1.695 billion Upcoming Project Lino Residence, Johor Bahru, Johor 205 million 364 service apartment units DIVERSIFIED CLIENTELE We are not materially dependent on any single customer for business. We have been securing projects from different clients. Our diversified clientele include: Private Sector Government and Government Link Companies International Contractors • Eco World Development Group Bhd • Gamuda Bhd • Mah Sing Group Bhd • Saraworks Sdn. Bhd. • Sunway Construction Group Bhd • Mass Rapid Transit Corporation Sdn. Bhd. • UEM Sunrise Bhd • S P Setia Bhd • JLG Land Bhd • Taisei-Cscec JV • Shanghai Tunnel Engineering Ltd • SK Engineering & Construction • Penta-Ocean Construction Co Ltd • M+W Singapore Pte Ltd
020 KIMLUN CORPORATION BERHAD • GROUP FINANCIAL HIGHLIGHTS Year ended / As at 31 December 2021 2022 2023 2024 2025 FINANCIAL RESULTS (RM’ mil) Revenue 691.09 756.13 852.57 1,207.41 1,925.21 Gross Profit 50.10 86.54 61.58 98.47 234.68 Profit/(Loss) Before Taxation 0.97 (3.70) 13.06 68.40 138.11 Profit/(Loss) After Taxation (0.73) (7.29) 6.88 50.78 106.83 Profit/(Loss) Attributable to Owners of the Company (0.59) (7.23) 7.05 51.24 104.50 FINANCIAL POSITION (RM' mil) Cash and Bank Balances 69.54 72.23 63.26 69.67 121.62 Total Assets 1,326.44 1,300.77 1,532.81 2,064.58 2,506.10 Total Borrowings 307.06 307.64 413.37 671.54 777.30 Shareholders’ Equity 721.28 710.40 713.84 761.60 911.84 FINANCIAL RATIOS Gross Profit Margin % 7.3 11.5 7.2 8.2 12.2 Basic Earnings per Share (“EPS”)/Loss per Share Sen (0.17) (2.05) 2.00 14.50 28.59 Dividend per Share Sen 1.00 1.00 1.00 2.00 4.00 Dividend Yield (Note 1) % 1.2 1.3 1.3 1.7 3.1 Net Assets per Share RM 2.07 2.05 2.10 2.23 2.42 Net Gearing Ratio (Note 2) times 0.25 0.25 0.32 0.43 0.41 CASH FLOW (RM’ mil) Net cash flows generated from/(used in) operating activities 117.57 52.02 89.26 (29.59) 133.83 Net cash flows used in investing activities (2.60) (20.83) (180.33) (152.82) (83.22) Net cash flows generated from/(used in) financing activities (103.44) (17.16) 85.64 181.69 (2.06) SHARES PERFORMANCE Share Price – Year Close RM 0.81 0.77 0.78 1.20 1.31 Share Price – Year High RM 1.01 0.835 0.865 1.77 1.52 Share Price – Year Low RM 0.74 0.63 0.70 0.78 0.805 Trading volume (no of shares) Mil 76 12 15 118 114 Market Capitalisation (Note 3) RM’ mil 286 272 276 424 509 Price Earnings Ratio (Note 4) times - - 39.0 8.27 4.47 Note 1: Being dividend per share/share price – year close Note 2: Being net debt/total equity plus net debt Note 3: Market capitalisation as at the financial year end Note 4: Being year close share price/EPS for the financial year MANAGEMENT DISCUSSION AND ANALYSIS
ANNUAL REPORT 2025 021 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL REVIEW Group Revenue and Profitability The Group recorded revenue of RM1.93 billion in FY2025, an increase of RM0.72 billion (59.5%) compared to RM1.21 billion in FY2024. The revenue growth was primarily driven by stronger external sales across all active business divisions. Gross profit (“GP”) rose significantly to RM234.68 million, up RM136.21 million (138.3%) from RM98.47 million in FY2024. The improvement in GP was attributable to stronger contributions from all the business divisions, underpinned by higher revenue. Other operating income declined to RM4.50 million, from RM52.06 million in FY2024, as FY2024 recorded gains from remeasurement of financial liabilities and write-back of land held for development, totaling RM2.51 million, and reversal of impairment allowances in relation to trade receivable and contract asset, totaling RM43.52 million. Administration expenses increased to RM63.42 million, from RM57.13 million in FY2024, driven by higher human resource costs and provision for doubtful debts. Finance costs rose to RM38.65 million, from RM25.32 million in FY2024, in line with greater utilization of bank facilities to support the Group’s expanded operations. The Group’s share of profit from joint ventures improved, reflecting stronger contributions from the quarry business. The effective tax rate of FY2025 was higher than the statutory rate applicable to the Group as certain expenses were disallowed for tax deduction under tax regulations and reversal of deferred tax assets on unutilised tax losses of a subsidiary. Overall, the Group recorded profit before tax of RM138.11 million and profit after tax of RM106.83 million in FY2025 against profit before tax of RM68.40 million and profit after tax of RM50.78 million in FY2024.
022 KIMLUN CORPORATION BERHAD • Segmental Revenue and Gross Profit* *: The segmental revenue and gross profit stated in the commentary in relation to the respective segment were inclusive of inter-segment transactions. FY2025 RM’000 FY2024 RM’000 Changes RM’000 % Revenue Construction 1,560,274 1,104,477 455,797 41.3 Manufacturing and Trading 331,508 279,424 52,084 18.6 Property Development 268,492 8,565 256,036 2989.3 Investment 40,090 9,957 30,133 302.6 Elimination (275,157) (195,010) (76,256) 39.1 Consolidated revenue 1,925,207 1,207,413 717,794 59.4 GP Construction 111,134 62,909 48,225 76.7 Manufacturing and Trading 70,448 56,520 13,928 24.6 Property Development 68,047 (125) 68,172 -54537.6 Investment 40,090 9,957 30,133 302.6 Elimination (55,038) (30,788) (24,250) 78.8 Consolidated GP 234,681 98,473 136,208 138.3 GP margin FY2025 FY2024 Construction 7.1% 5.7% Manufacturing and Trading 21.3% 20.2% Property Development 25.7% -1.5% Investment 100.0% 100.0% Consolidated GP margin 12.2% 8.2% • Construction Division: Revenue rose on the back of a sizable carried-forward order book of RM3.1 billion as at 31 December 2024, complemented by record-high new project wins totaling RM2.8 billion during FY2025. • Manufacturing & Trading Division: Higher revenue was achieved through accelerated production and fulfillment of existing orders, underpinned by expanded manufacturing capacity. • Property Development Division: Revenue growth was supported by the successful launch and sales of the Pinegate Residency serviced apartment project in Johor Bahru. • Investment Division: Revenue was largely contributed by interest income received from companies within the Group. GP across all business divisions improved in FY2025, supported by higher revenue and enhanced margins arising from economies of scale at increased levels of operation. MANAGEMENT DISCUSSION AND ANALYSIS
ANNUAL REPORT 2025 023 MANAGEMENT DISCUSSION AND ANALYSIS Financial Position Shareholders’ equity increased from RM761.60 million as at 31 December 2024 to RM911.84 million as at 31 December 2025, mainly contributed by total comprehensive income attributable to owners of the Company of RM104.47 million, and proceeds from issuance of shares of RM42.05 million. Non-current assets increased from RM651.06 million as at 31 December 2024 to RM760.121 million as at 31 December 2025, mainly due to the acquisition of properties, plant and equipment (“PPE”) to meet the requirements of higher scale of operation, and increase in land bank for future property development. Current assets increased from RM1.41 billion as at 31 December 2024 to RM1.75 billion as at 31 December 2025, mainly due to the increase in trade and other receivables and contract assets, in line with higher scale of operation. Current liabilities increased from RM996.52 million as at 31 December 2024 to RM1.26 billion as at 31 December 2025, mainly due to higher trade and other payables, and loans and borrowings, in line with higher scale of operation. Non-current liabilities increased from RM280.14 million as at 31 December 2024 to RM305.94 million as at 31 December 2025 mainly due to higher loans and borrowings. Net gearing ratio as at 31 December 2025 was at 0.41 times. Cash Flow For FY2025, net cash generated from operating activities amounted to RM133.83 million, reflecting higher profit achieved during the year. Net cash used in investing activities totalled RM83.22 million, primarily attributable to acquisitions of PPE and advances to associate. Net cash used in financing activities stood at RM2.06 million.
024 KIMLUN CORPORATION BERHAD • PROSPECTS AND OUTLOOK Focus and Strategies for 2026 Construction Division: Manufacturing Division: Property Development Division: • Focus in timely execution of projects in hand • Adopt selective and cautious bidding for new projects, mindful of geopolitical uncertainties in the Middle East • Continue undertaking in-house projects • Bid for precast products orders in Singapore and Malaysia, with emphasis on MRT and rail line projects • Progress ongoing developments: Arden Residence, Pinegate Residency, and Taman Nusa Melati (Total GDV: RM1.695 billion) • Launch Lino Residence (GDV: RM205 million), subject to market sentiment • Advance development planning for existing land bank assets MANAGEMENT DISCUSSION AND ANALYSIS Construction and Manufacturing Divisions As at 31 December 2025, the Group’s outstanding order book stood at approximately RM4.47 billion for construction and RM0.26 billion for manufacturing, contributed by numerous construction and supply contracts. Our on-going projects and sales orders comprise contracts secured from, amongst other, Samling Resources Sdn. Bhd., Eco World Development Group Berhad group, UEM Sunrise Bhd Group, S P Setia Bhd Group and China Communications Construction Company Ltd. Our on-going projects and sales orders include the following: (a) the Sarawak-Sabah Link Road Project for a contract sum of RM0.78 billion. The estimated completion period of the project is year 2026; (b) Main building works for 2 blocks of serviced apartments and ancillary buildings in Mukim of Pulai, Daerah Johor Bahru, Johor for a contract sum of RM271.55 million. The estimated completion period of the project is year 2028; and (c) Few sales orders for the supply of IBS components, tunnel lining segments (“TLS”) and rail sleepers to Singapore MRT project. The estimated completion period of these sales orders is up to year 2028. Property Development Division In 2025, (i) the Group launched the Pinegate Residency and Taman Nusa Melati, with a combined estimated gross development value (“GDV”) of approximately RM890 million. As at 31 December 2025, future gross revenue to be recognised from secured sales amounted to RM142 million. (ii) The Group’s associate company, Astaka Kimlun Sdn. Bhd. (“AKSB”), launched a service apartment development in Johor Bahru, Johor, known as Arden Residence, with an estimated GDV of approximately RM810 million. As at 31 December 2025, future gross revenue to be recognised by AKSB from secured sales stood at RM550 million. Subject to market sentiment and barring unforeseen circumstances, the Group expects to launch Lino Residence in the last quarter of 2026, with an estimated GDV of approximately RM205 million. Barring unforeseen circumstances, the sizeable construction and manufacturing balance orders, together with unbilled property sales, provides strong earnings visibility and is expected to sustain the Group’s activities over the next few years.
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