DailySpaceWCE Holdings Berhad
3565 · Main Market主板（Main Market） · annual reports 2024 to 2026, 1625 entries read2024 至 2026 年报，共读出 1625 条
The company这家公司
WCE Holdings Berhad is listed on the Main Market of Bursa Malaysia. Its 80%-owned subsidiary West Coast Expressway Sdn Bhd is the concessionaire for the West Coast Expressway Project, a build-operate-transfer privatisation project involving the development of a 233km highway connecting Banting in Selangor to Taiping in Perak.WCE Holdings Berhad 在马来西亚股票交易所主板上市。其持股 80% 的子公司 West Coast Expressway Sdn Bhd 是西海岸大道（WCE）项目的特许经营商，该项目是一个“建设-经营-移交”私营化项目，涉及修建一条连接雪兰莪州 Banting 与霹雳州 Taiping 的 233km 高速公路。
Source: annual report 2024, pages 3, 25; annual report 2025, pages 26, 156.出处：2024 年年报第 3、25 页；2025 年年报第 26、156 页。
In addition to highway concession operations, the group engages in construction through its wholly owned subsidiary WCE Maju Sdn Bhd. Works undertaken include construction of access to a mixed development in Kota Seri Langat (completed in the 2026 financial year), Section 7B of the WCE Project (a 10km segment from Assam Jawa Interchange to Tanjong Karang Interchange), and construction works for 10 units of Rest and Service Areas along the highway.除公路特许经营业务外，集团还通过全资子公司 WCE Maju Sdn Bhd 开展建筑业务。所承接的工程包括 Kota Seri Langat 综合开发项目的连接道工程（于 2026 财政年度完工）、WCE 项目第 7B 路段（自 Assam Jawa 互通立交至 Tanjong Karang 互通立交的 10km 路段），以及沿线 10 处休息与服务区的建筑工程。
Source: annual report 2024, page 29; annual report 2025, pages 3, 30; annual report 2026, pages 3, 29.出处：2024 年年报第 29 页；2025 年年报第 3、30 页；2026 年年报第 3、29 页。
Group activities are mainly carried out in Malaysia. In FY2026, construction contracts contributed RM658.9 million and toll concession revenue contributed RM180.6 million. Two customers accounted for 87% of total trade receivables at the reporting date (94% in 2025). Revenue derived from the Government of Malaysia in the toll concession segment was RM508.8 million in 2026 and RM300.4 million in 2025.集团业务主要在马来西亚开展。2026 财年，建筑合约贡献营业额 RM658.9 million，收费站特许经营营业额贡献 RM180.6 million。在报告日，两名客户占应收贸易账款总额的 87%（2025 年为 94%）。2026 年收费特许经营部门来自马来西亚政府的营业额为 RM508.8 million，2025 年为 RM300.4 million。
Source: annual report 2026, pages 199, 210, 225.出处：2026 年年报第 199、210、225 页。
In the 2026 report's list of top holders, IJM Corporation Berhad held 28.12% (928,147,035 shares). MWE Holdings Sdn Bhd held 6.62% (218,348,279 shares), with additional shares held in pledged securities accounts: Malaysia Nominees (Tempatan) Sdn Bhd held 10.70% (353,131,117 shares), Alliancegroup Nominees (Tempatan) Sdn Bhd held 7.62% (251,500,000 shares), and CIMB Islamic Nominees (Tempatan) Sdn Bhd held 2.27% (75,000,000 shares). United Frontiers Holdings Limited held 5.66% (186,830,242 shares), with 4.25% (140,122,660 shares) in a pledged account under Malaysia Nominees (Asing) Sendirian Berhad.在 2026 年年报的主要股东名单中，IJM Corporation Berhad 持有 28.12%（928,147,035 股）。MWE Holdings Sdn Bhd 持有 6.62%（218,348,279 股），另有股份由抵押证券账户持有：Malaysia Nominees (Tempatan) Sdn Bhd 持有 10.70%（353,131,117 股），Alliancegroup Nominees (Tempatan) Sdn Bhd 持有 7.62%（251,500,000 股），CIMB Islamic Nominees (Tempatan) Sdn Bhd 持有 2.27%（75,000,000 股）。United Frontiers Holdings Limited 持有 5.66%（186,830,242 股），其在 Malaysia Nominees (Asing) Sendirian Berhad 抵押账户下另持有 4.25%（140,122,660 股）。
Source: annual report 2026, page 238.出处：2026 年年报第 238 页。
One director is currently the Group Chief Executive Officer and Managing Director of IJM. Datuk Ir Rosaline Ganendra was appointed as an Independent Non-Executive Director on 20 January 2026. Directors' profiles state that several directors have no family relationship with any directors or major shareholders of the company.一名董事目前是 IJM 的集团首席执行员兼董事经理。Datuk Ir Rosaline Ganendra 于 2026 年 1 月 20 日获委任为独立非执行董事。董事简介列明数位董事与本公司任何董事或主要股东均无亲属关系。
Source: annual report 2026, pages 6, 8, 10, 13, 18.出处：2026 年年报第 6、8、10、13、18 页。
Revenue by activity, 20262026 年按业务划分的营业额
Source: annual report 2026, page 199.出处：2026 年年报第 199 页。
Major events大事记
Source: annual report 2024, page 26.出处：2024 年年报第 26 页。
Source: annual report 2024, page 26; annual report 2025, page 27.出处：2024 年年报第 26 页；2025 年年报第 27 页。
Source: annual report 2025, page 187.出处：2025 年年报第 187 页。
Source: annual report 2025, pages 23, 27.出处：2025 年年报第 23、27 页。
Source: annual report 2025, page 128.出处：2025 年年报第 128 页。
Source: annual report 2026, pages 24, 29.出处：2026 年年报第 24、29 页。
Revenue and operating cash flow营业额与营运现金流
Assets, liabilities and borrowings资产、负债与借贷
20242024 年
Revenue was RM614.7 million and loss before tax was RM163.6 million, mainly due to interest cost for completed sections of RM158.0 million (FY2023: RM150.1 million). The group invested an additional RM681.7 million in Infrastructure Development Expenditure, bringing cumulative expenditure to RM6,872.2 million. Two sections opened during the year: Section 6 in November 2023 and Section 11 in March 2024. Cash inflows included RM105,671,000 from term loans, RM50,000,000 from the government support loan, RM35,080,000 from murabahah loan stocks, and RM197,600,000 from the disposal of an associate, while interest paid was RM159,709,000.营业额为 RM614.7 million，税前亏损为 RM163.6 million，主要源于已完工路段的利息成本 RM158.0 million（2023 财年：RM150.1 million）。集团在基础设施建设支出中追加投资 RM681.7 million，累计支出达 RM6,872.2 million。年内有两个路段通车：第 6 路段于 2023 年 11 月通车，第 11 路段于 2024 年 3 月通车。现金流入包括定期贷款 RM105,671,000、政府支持贷款 RM50,000,000、穆拉巴哈贷款票据 RM35,080,000，以及脱售联营公司收回的 RM197,600,000，已付利息为 RM159,709,000。
Source: annual report 2024, pages 24, 25, 26, 109, 110.出处：2024 年年报第 24、25、26、109、110 页。
20252025 年
Revenue rose to RM629.1 million as toll revenue more than doubled to RM125.2 million (FY2024: RM60.4 million). Loss before tax was RM134.3 million, with interest cost for completed sections of RM246.3 million (FY2024: RM159.7 million). The group invested an additional RM479.5 million in Infrastructure Development Expenditure, bringing the cumulative total to RM7,331.6 million. Section 1 opened in August 2024 and Section 2 opened in January 2025, bringing 8 sections into operation covering 180 km. Cash raised from the exercise of 312,597,708 warrants at RM0.39 each amounted to RM121,912,000, murabahah loan stocks issued to the minority shareholder brought RM59,640,000, and interest paid was RM170,696,000.营业额增至 RM629.1 million，过路费收入翻倍以上至 RM125.2 million（2024 财年：RM60.4 million）。税前亏损为 RM134.3 million，已完工路段的利息成本为 RM246.3 million（2024 财年：RM159.7 million）。集团在基础设施建设支出中追加投资 RM479.5 million，累计总额达 RM7,331.6 million。第 1 路段于 2024 年 8 月通车，第 2 路段于 2025 年 1 月通车，使通车路段达 8 段，覆盖 180 km。以每份 RM0.39 行使 312,597,708 份凭单募集现金 RM121,912,000，向少数股东发行穆拉巴哈贷款票据获得 RM59,640,000，已付利息为 RM170,696,000。
Source: annual report 2025, pages 23, 25, 26, 27, 141, 153, 190.出处：2025 年年报第 23、25、26、27、141、153、190 页。
20262026 年
Revenue grew 33% to RM839.5 million, with toll collection reaching RM17.3 million in March 2026. Loss before tax narrowed to RM70.5 million, with a fair value gain of RM68.0 million arising from the remeasurement of Murabahah loan stocks. Cash additions to infrastructure development expenditure were RM608.4 million. The group received drawdown of RM711,299,000 from term loans, while interest paid was RM172,253,000.营业额增长 33% 至 RM839.5 million，2026 年 3 月过路费征收额达到 RM17.3 million。税前亏损收窄至 RM70.5 million，其中因穆拉巴哈贷款票据重新计量产生 RM68.0 million 的公允价值收益。基础设施建设支出的现金追加为 RM608.4 million。集团提取定期贷款 RM711,299,000，已付利息为 RM172,253,000。
Source: annual report 2026, pages 25, 26, 27, 157, 158, 193.出处：2026 年年报第 25、26、27、157、158、193 页。
Across the three years三年合看
The carrying amount of Infrastructure Development Expenditure was RM6,872 million in 2024, RM7,331 million in 2025, and RM7,965 million in 2026. Total borrowings increased from RM4,119.5 million at 31 March 2023 to RM5,074.3 million at 31 March 2026. No dividends were declared or paid in any of the three years, with the board stating that dividend policy will be deliberated after project completion when future operating cash flows can be determined.基础设施建设支出的账面值在 2024 年为 RM6,872 million，2025 年为 RM7,331 million，2026 年为 RM7,965 million。总借贷由 2023 年 3 月 31 日的 RM4,119.5 million 增至 2026 年 3 月 31 日的 RM5,074.3 million。三年均未派发或宣派股息，董事会表示将在项目完工且未来营运现金流能够更明确确定后再行商议股息政策。
Source: annual report 2024, pages 32, 97, 175, 179; annual report 2025, pages 33, 139, 224; annual report 2026, pages 35, 144, 226, 230.出处：2024 年年报第 32、97、175、179 页；2025 年年报第 33、139、224 页；2026 年年报第 35、144、226、230 页。
Still to be spent尚未支出的承诺
Contracted commitments for infrastructure development expenditure were RM501.4 million in 2024, RM988.0 million in 2025, and RM347.9 million at 31 March 2026. A term loan facility of up to RM1,150 million from Bank Pembangunan Malaysia Berhad was approved by the Government in April 2025 to support remaining construction activities, interest payments during development, and operational costs; in the year to 31 March 2026 the group drew RM711,299,000 from new term loans.已签约的基础设施建设支出资本承诺在 2024 年为 RM501.4 million，2025 年为 RM988.0 million，截至 2026 年 3 月 31 日为 RM347.9 million。马来西亚发展银行高达 RM1,150 million 的定期贷款便利于 2025 年 4 月获政府批准，用以支持剩余建筑工程、开发期利息支付及营运成本；截至 2026 年 3 月 31 日的财年，集团从新定期贷款提取 RM711,299,000。
Source: annual report 2024, page 168; annual report 2025, pages 26, 128, 213; annual report 2026, pages 24, 158, 193, 219.出处：2024 年年报第 168 页；2025 年年报第 26、128、213 页；2026 年年报第 24、158、193、219 页。
Four years of figures四年数字
Group figures, in RM thousand (×1,000), as printed in the statements.集团数字，单位千令吉（×1,000），照财务报表所印。
| Group集团 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| RM'000千令吉 | RM'000千令吉 | RM'000千令吉 | RM'000千令吉 | |
| Revenue营业额 | 506,770 | 614,721 | 629,103 | 839,513 |
| (Loss)/Profit before tax税前（亏损）/盈利 | 68,001 | (163,642) | (134,293) | (70,454) |
| (Loss)/Profit for the financial year年度（亏损）/净利 | 72,594 | (157,605) | (178,696) | (51,099) |
| Net cash from/(used in) operating activities营运活动所得/（所用）现金净额 | 11,070 | 44,054 | (62,122) | 252,655 |
| Net cash (used in)/from investing activities投资活动（所用）/所得现金净额 | (389,334) | (307,304) | 18,213 | (643,016) |
| Net cash from/(used in) financing activities融资活动所得/（所用）现金净额 | 407,974 | (17,033) | 40,820 | 534,588 |
| Total assets总资产 | 7,252,276 | 7,481,881 | 7,917,991 | 8,610,544 |
| Total liabilities总负债 | 6,199,516 | 6,586,722 | 7,079,616 | 7,823,267 |
| Total borrowings总借贷 | 4,119,546 | 4,297,216 | 4,362,490 | 5,074,328 |
| Total equity总权益 | 1,052,760 | 895,159 | 838,375 | 787,277 |
| Cash and bank balances现金与银行结余 | 9,284 | 52,841 | 58,962 | 14,783 |
On a computer, hover over a figure for the report and page it is printed on.在电脑上把鼠标移到数字上，可看到它印在哪份年报的哪一页。
Said and done说过的与做到的
| What the reports said年报说要做的 | What later reports show之后年报显示的 | Status状态 |
|---|---|---|
| Targeting to open Section 1 (Banting – SKVE) and Section 2 (SKVE – KESAS) in the near term, expected by the second quarter of 2024 (2024)计划在近期开放第 1 路段（Banting – SKVE）和第 2 路段（SKVE – KESAS），预计于 2024 年第二季度完工（2024） | Section 1 opened in August 2024 and Section 2 opened in January 2025.第 1 路段于 2024 年 8 月通车，第 2 路段于 2025 年 1 月通车。 Source: annual report 2024, pages 3, 31; annual report 2025, pages 3, 27.出处：2024 年年报第 3、31 页；2025 年年报第 3、27 页。 | Completed later than said完成时间晚于预期 |
| Remaining three sections (Section 3, Section 4 and Section 7) targeted for completion in 2026 with full alignment completion in FY2026 (2024)余下三个路段（第 3、第 4 及第 7 路段）目标于 2026 年完工，全线于 2026 财年完工（2024） | By FY2026 overall progress reached approximately 97%, with all remaining sections targeted for completion by FY2027.截至 2026 财年整体工程进度达约 97%，所有剩余路段目标于 2027 财年完工。 Source: annual report 2024, pages 26, 27; annual report 2026, pages 3, 30.出处：2024 年年报第 26、27 页；2026 年年报第 3、30 页。 | Delayed to FY2027延期至 2027 财年 |
| Remaining eight Rest and Service Areas along the expressway to be developed in stages (2025)沿线的其余 8 处休息与服务区将分阶段开发（2025） | Expanded operations to Sijangkang, Johan Setia and Bukit Kapar in FY2026, targeting completion of remaining areas by FY2027.2026 财年将营运扩展至 Sijangkang、Johan Setia 和 Bukit Kapar，目标于 2027 财年完成剩余区域。 Source: annual report 2025, page 29; annual report 2026, pages 28, 119.出处：2025 年年报第 29 页；2026 年年报第 28、119 页。 | Still in progress仍在进行中 |
| Plan to conduct external assurance on sustainability reporting moving forward (2024)计划在未来对可持续发展报告进行外部鉴证（2024） | The 2025 and 2026 reports state the group remains committed to undertaking external assurance in future.2025 和 2026 年年报均表示集团仍致力于在未来开展外部鉴证。 Source: annual report 2024, page 80; annual report 2025, page 121; annual report 2026, page 124.出处：2024 年年报第 80 页；2025 年年报第 121 页；2026 年年报第 124 页。 | Not yet carried out尚未执行 |
| RM177,826,000 of proceeds from disposal of associate remaining to be injected as equity into WCESB within 6 months (2024)脱售联营公司所得款项中剩余的 RM177,826,000 将在 6 个月内作为股本注入 WCESB（2024） | By 31 March 2025 the full RM375,610,000 equity injection and the RM494,000,000 proceeds utilisation were completed.截至 2025 年 3 月 31 日，全额 RM375,610,000 的股本注资及 RM494,000,000 的所得款项使用已全部完成。 Source: annual report 2024, page 82; annual report 2025, page 124.出处：2024 年年报第 82 页；2025 年年报第 124 页。 | Carried out已执行 |
What the reports leave open年报留下待看的事
- Whether the remaining three of the eleven sections reach completion by FY2027 to connect the full 233 km corridor.十一个路段中剩余的三个路段能否在 2027 财年完工以贯通全长 233 km 的走廊。
Source: annual report 2026, pages 3, 30.出处：2026 年年报第 3、30 页。
- At 31 March 2026 current liabilities exceeded current assets by RM196,551,000, with short-term borrowings and payables totalling RM513,838,000.截至 2026 年 3 月 31 日，流动负债超过流动资产 RM196,551,000，短期借贷与应付款项合计 RM513,838,000。
Source: annual report 2026, page 213.出处：2026 年年报第 213 页。
- High Court hearing on the judicial review of the RM61.7 million real property gain tax assessments was scheduled for 29 September 2026.高等法庭就 RM61.7 million 产业盈利税征税通知书的司法审查聆审定于 2026 年 9 月 29 日进行。
Source: annual report 2026, pages 191, 204.出处：2026 年年报第 191、204 页。
- Discussions with the Government on potential restructuring of concession terms and refinancing options to enhance the Project's financial sustainability; the Government's 18% toll discount on the North-South Expressway may reduce WCE traffic and toll revenue.与政府就特许经营条款重组及再融资方案进行讨论，以提升项目的财务可持续性；政府对南北大道实施的 18% 过路费折扣可能减少 WCE 的交通量与过路费收入。
Source: annual report 2025, page 128; annual report 2026, page 133.出处：2025 年年报第 128 页；2026 年年报第 133 页。
Facts as printed in the company's annual reports, with the page of each; no rating and no advice. Built 2026-11-02.内容为公司年报所印的事实，并注明页码；不评级，不构成投资建议。生成日期 2026-11-02。