DailySpaceWCT Holdings Berhad
9679 · Main Market主板 · annual reports 2023 to 2025, 3452 entries read2023 至 2025 年报，共读出 3452 条
The company这家公司
WCT Holdings Berhad operates in three core businesses: engineering and construction, property development, and property investment and management, and in 2025 expanded into food and beverage under Grandmama's.WCT Holdings Berhad 经营三大核心业务：工程与建筑、房地产开发以及房地产投资与管理，并于 2025 年以 Grandmama's 品牌拓展至餐饮业务。
Source: annual report 2025, pages 10, 14, 74.出处：2025 年年报第 10、14、74 页。
In 2025, revenue of the Engineering & Construction Division was RM981.9 million, property development brought RM806.8 million, and property investment and management contributed RM225.6 million.2025 年，工程与建筑部门营业额为 RM981.9 million，房地产开发贡献 RM806.8 million，房地产投资与管理贡献 RM225.6 million。
Source: annual report 2025, pages 13, 309.出处：2025 年年报第 13、309 页。
The group has no significant concentration of credit risk to any single counterparty other than RM632,368,000 due from 3 companies in which a Director has interest, about 65% of gross trade receivables in 2025, compared with RM635,145,000 (77%) in 2024.除 2025 年应收 3 家由一名董事拥有权益的公司的 RM632,368,000（约占贸易应收款总额 65%；2024 年为 RM635,145,000，77%）外，集团对任何单一交易对手均无重大信用集中风险。
Source: annual report 2025, page 245.出处：2025 年年报第 245 页。
Dominion Nexus Sdn Bhd holds 257,220,078 shares (16.50%). In the directors' interests table, a director's rows show 105,142,753 shares direct and 257,220,078 deemed, and a footnote ties a deemed interest to Dominion Nexus Sdn Bhd via Legacy Pacific Limited; the cited rows do not name the director. Accounts among the thirty largest holders include Amsec Nominees (Tempatan) Sdn Bhd pledged for Dominion Nexus Sdn Bhd with 257,220,078 shares (16.50%), Maybank Nominees (Tempatan) Sdn Bhd pledged for Tan Sri Lim Siew Choon with 25,800,000 shares (1.66%), and Affin Hwang Nominees (Tempatan) Sdn Bhd pledged for Tan Sri Lim Siew Choon with 20,865,600 shares (1.34%). AmanahRaya Trustees Berhad under Skim Amanah Saham Bumiputera holds 82,507,345 shares (5.29%).Dominion Nexus Sdn Bhd 持有 257,220,078 股（16.50%）。董事权益表中某董事的行列出直接持股 105,142,753 股及视为持股 257,220,078 股，附注指一项视为权益是经 Legacy Pacific Limited 持有 Dominion Nexus Sdn Bhd；所引各行未写明董事姓名。三十大股东账户包括为 Dominion Nexus Sdn Bhd 质押的 Amsec Nominees (Tempatan) Sdn Bhd 持有 257,220,078 股（16.50%），为 Tan Sri Lim Siew Choon 质押的 Maybank Nominees (Tempatan) Sdn Bhd 持有 25,800,000 股（1.66%），以及为 Tan Sri Lim Siew Choon 质押的 Affin Hwang Nominees (Tempatan) Sdn Bhd 持有 20,865,600 股（1.34%）。AmanahRaya Trustees Berhad（Amanah Saham Bumiputera 计划）持有 82,507,345 股（5.29%）。
Source: annual report 2025, pages 175, 313, 315.出处：2025 年年报第 175、313、315 页。
Tan Sri Marzuki Bin Mohd Noor and Datuk Ab Wahab Bin Khalil resigned as directors on 1 November 2025, and Ng Soon Lai @ Ng Siek Chuan resigned on 3 February 2026. Dato’ Ahmad Faris Bin Yahaya and Dr. Sofiah Binti Abd Rahman were appointed to the board on 1 November 2025, with Dato’ Ahmad Faris Bin Yahaya becoming Independent Non-Executive Chairman.Tan Sri Marzuki Bin Mohd Noor 与 Datuk Ab Wahab Bin Khalil 于 2025 年 11 月 1 日辞任董事，Ng Soon Lai @ Ng Siek Chuan 于 2026 年 2 月 3 日辞职。Dato’ Ahmad Faris Bin Yahaya 与 Dr. Sofiah Binti Abd Rahman 于 2025 年 11 月 1 日获委任进入董事会，其中 Dato’ Ahmad Faris Bin Yahaya 出任独立非执行主席。
Source: annual report 2025, pages 35, 36, 147, 168.出处：2025 年年报第 35、36、147、168 页。
Revenue by segment, 20252025 年各部门营业额
Source: annual report 2025, page 19.出处：2025 年年报第 19 页。
Major events大事记
Source: annual report 2023, pages 11, 18.出处：2023 年年报第 11、18 页。
Source: annual report 2023, page 217.出处：2023 年年报第 217 页。
Source: annual report 2024, pages 14, 240.出处：2024 年年报第 14、240 页。
Source: annual report 2024, page 318.出处：2024 年年报第 318 页。
Source: annual report 2025, pages 159, 234.出处：2025 年年报第 159、234 页。
Source: annual report 2025, pages 14, 226.出处：2025 年年报第 14、226 页。
Source: annual report 2025, page 306.出处：2025 年年报第 306 页。
Revenue, profit and operating cash营业额、盈利与营运现金
Assets, liabilities and borrowings总资产、总负债与借款
20232023 年
In 2023, the engineering and construction division recorded losses mainly due to the reversal of profits recognised in prior years amounting to RM197.8 million. Total borrowings increased by RM295.7 million, with funds partly utilised for the repayment of RM150.0 million Sukuk. The company paid RM7.1 million in dividends to shareholders and RM48.1 million in distributions to holders of Perpetual Sukuk. Cash and bank balances stood at RM414.7 million.2023 年，工程与建筑部门出现亏损，主要是因为转回以前年度已确认的利润 RM197.8 million。总借款增加 RM295.7 million，所得资金部分用于偿还 RM150.0 million 的伊斯兰债券。公司向股东支付了 RM7.1 million 股息，并向永续伊斯兰债券持有者分配了 RM48.1 million。现金与银行结存为 RM414.7 million。
Source: annual report 2023, pages 15, 16, 184.出处：2023 年年报第 15、16、184 页。
20242024 年
In 2024, operating profit was lifted by a net gain after tax of RM183.8 million on the remeasurement of interest in a jointly controlled entity and RM50.7 million fair value gain on investment properties. The company completed private placements of 141,664,000 new ordinary shares raising net proceeds of RM124.6 million. Perpetual Sukuk of RM332.0 million was redeemed and RM50.0 million was issued, with distributions to holders of Perpetual Sukuk of RM46.8 million. No dividend was paid to ordinary shareholders, and cash and bank balances rose to RM567.4 million.2024 年，营业利润受到重新计量共同控制实体权益的税后净收益 RM183.8 million 以及投资物业公允价值收益 RM50.7 million 的推动。公司完成 141,664,000 股新普通股的私募配售，募集净资金 RM124.6 million。赎回了 RM332.0 million 永续伊斯兰债券并发行了 RM50.0 million，向永续伊斯兰债券持有者分配款项 RM46.8 million。公司未向普通股股东派发股息，现金与银行结存增至 RM567.4 million。
Source: annual report 2024, pages 13, 20, 175, 191, 274, 318.出处：2024 年年报第 13、20、175、191、274、318 页。
20252025 年
In 2025, the company completed the disposal of Paradigm Mall Johor Bahru, Paradigm Mall Petaling Jaya, and Bandar Bukit Tinggi Shopping Centre to Paradigm REIT, receiving net proceeds of RM1.03 billion from investing activities. Total borrowings declined by RM1.14 billion to RM2,433.9 million, partly using the disposal proceeds. The group acquired a 51% equity interest in Champion Vista and 100% in Aliran Tiasa for cash consideration of RM17,850,000. Distributions to holders of Perpetual Sukuk were RM32.1 million, and no dividend was proposed.2025 年，公司完成向 Paradigm REIT 出售 Paradigm Mall Johor Bahru、Paradigm Mall Petaling Jaya 以及 Bandar Bukit Tinggi Shopping Centre，自投资活动中获得净收益 RM1.03 billion。总借款减少 RM1.14 billion 至 RM2,433.9 million，部分使用了上述出售所得。集团以 RM17,850,000 现金代价收购 Champion Vista 51% 及 Aliran Tiasa 100% 股权。向永续伊斯兰债券持有者分配款项 RM32.1 million，未建议派发股息。
Source: annual report 2025, pages 21, 172, 188, 226.出处：2025 年年报第 21、172、188、226 页。
Across the three years三年合看
Across the three reports, net gearing ratio shifted from 0.73 time at end 2023 to 0.80 time in 2024 and down to 0.48 time in 2025. Outstanding nominal value of Perpetual Sukuk was reduced from RM821.5 million at end 2023 to RM539.5 million in 2024 and 2025. Meydan fully paid and WCTB fully received the settlement sum under the DIAC Case No. 02/2009 arbitration award on 22 July 2024.纵观三份年报，净负债率从 2023 年底的 0.73 倍变动至 2024 年的 0.80 倍，并在 2025 年降至 0.48 倍。未偿还永续伊斯兰债券名义价值由 2023 年底的 RM821.5 million 降至 2024 及 2025 年的 RM539.5 million。Meydan 于 2024 年 7 月 22 日全额支付并由 WCTB 全额收到 DIAC Case No. 02/2009 仲裁裁决下的和解款项。
Source: annual report 2023, pages 17, 264; annual report 2024, pages 21, 274; annual report 2025, pages 21, 275, 304.出处：2023 年年报第 17、264 页；2024 年年报第 21、274 页；2025 年年报第 21、275、304 页。
Still to be spent尚未支出的承诺
At 31 December 2025, approved and contracted capital commitments for property, plant and equipment were RM1,605,000, while associates had capital commitments of RM6,957,000.截至 2025 年 12 月 31 日，已批准并签约的物业、厂房及设备资本承诺为 RM1,605,000，联营公司的资本承诺为 RM6,957,000。
Source: annual report 2025, pages 233, 266, 290.出处：2025 年年报第 233、266、290 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 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| RM'000千令吉 | RM'000千令吉 | RM'000千令吉 | RM'000千令吉 | |
| Revenue营业额 | 2,104,868 | 1,727,349 | 1,834,010 | 2,014,244 |
| Profit/(loss) before taxation税前盈利/（亏损） | 139,343 | (177,760) | 274,093 | 117,909 |
| Profit/(loss) after taxation税后盈利/（亏损） | 172,791 | (209,398) | 321,263 | 77,620 |
| Net cash generated from operating activities营运活动产生之现金净额 | 213,031 | 134,036 | 85,144 | 296,009 |
| Purchase of property, plant and equipment购买物业、厂房及设备 | (63,603) | (48,181) | (19,237) | (18,122) |
| Total assets总资产 | 8,303,744 | 8,667,617 | 9,107,369 | 7,818,640 |
| Total liabilities总负债 | 4,397,234 | 4,980,751 | 5,329,900 | 3,986,021 |
| Loans and borrowings贷款与借款 | 2,797,598 | 3,093,272 | 3,577,526 | 2,433,925 |
| Cash and bank balances现金与银行结存 | 233,796 | 414,690 | 567,400 | 587,387 |
| Total equity总权益 | 3,906,510 | 3,686,866 | 3,777,469 | 3,832,619 |
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 |
|---|---|---|
| Proposed establishment and listing of Paradigm REIT to debut with 1.6 billion units comprising three retail assets valued at RM2.44 billion建议设立 Paradigm REIT 并将其上市，以 16 亿个单位首次亮相，涵盖估值 RM2.44 billion 的三座零售资产 | Listed Paradigm REIT on the Main Market on 10 June 2025 after injecting Bukit Tinggi Shopping Centre, Paradigm Mall Petaling Jaya, and Paradigm Mall Johor Bahru注入 Bukit Tinggi Shopping Centre、Paradigm Mall Petaling Jaya 和 Paradigm Mall Johor Bahru 后，于 2025 年 6 月 10 日将 Paradigm REIT 在主板上市 Source: annual report 2024, page 13; annual report 2025, pages 10, 13.出处：2024 年年报第 13 页；2025 年年报第 10、13 页。 | Completed已完成 |
| Expected The Maple Residences and The Adenia to be handed over in the second half of 2025预计 The Maple Residences 与 The Adenia 将于 2025 年下半年移交 | Handed over The Maple Residences in WCity OUG and Adenia Apartments in Bandar Parklands in June and July 2025 respectively分别于 2025 年 6 月和 7 月移交了 WCity OUG 的 The Maple Residences 与 Bandar Parklands 的 Adenia Apartments Source: annual report 2024, page 24; annual report 2025, pages 14, 24.出处：2024 年年报第 24 页；2025 年年报第 14、24 页。 | Completed已完成 |
| Scheduled W City Larkinton to launch in phases in the second quarter of 2024计划于 2024 年第二季度分阶段推出 W City Larkinton | The Adison at W City Larkinton was launched in the first quarter of 2024W City Larkinton 的 Adison 已于 2024 年第一季度推出 Source: annual report 2023, page 21; annual report 2024, page 12.出处：2023 年年报第 21 页；2024 年年报第 12 页。 | Launched earlier than scheduled早于原定时间推出 |
| Expected solar panel installation works at gateway@klia2 to be completed in 2025预计 gateway@klia2 的太阳能电池板安装工程将于 2025 年完成 | Solar panel installation works at gateway@klia2 were completed and energised on 29 September 2025 and 10 October 2025gateway@klia2 的太阳能电池板安装工程已竣工，并分别于 2025 年 9 月 29 日和 10 月 10 日通电 Source: annual report 2024, page 96; annual report 2025, page 89.出处：2024 年年报第 96 页；2025 年年报第 89 页。 | Completed已完成 |
| Aimed to roll out its Water Management Plan in FY2024计划在 2024 财年推出水资源管理计划 | A water management plan was introduced across project sites in 20242024 年在各项目工地引入了水资源管理计划 Source: annual report 2023, page 93; annual report 2024, pages 61, 109.出处：2023 年年报第 93 页；2024 年年报第 61、109 页。 | Implemented已执行 |
| Targeted to replant 30% of felled trees or 500 trees per year, whichever lower目标为每年补种被砍伐树木的 30% 或 500 棵树，以较低者为准 | Planted 1,200 trees across projects in 2024 and 664 trees in 20252024 年在各项目中种植了 1,200 棵树，2025 年种植了 664 棵树 Source: annual report 2023, page 51; annual report 2024, page 114; annual report 2025, page 105.出处：2023 年年报第 51 页；2024 年年报第 114 页；2025 年年报第 105 页。 | Exceeded target超出目标 |
What the reports leave open年报留下待看的事
- The operational effects of the Middle East conflict which started on 28 February 2026 and caused the closure of the Strait of Hormuz.2026 年 2 月 28 日爆发并导致霍尔木兹海峡关闭的中东冲突对业务营运的影响。
Source: annual report 2025, page 306.出处：2025 年年报第 306 页。
- The completion timelines for upcoming development phases, including Adison West targeted for Q2 2028, Adison East targeted for Q4 2028, and Pavilion Mont’ Kiara targeted for Q3 2027.未来开发阶段的完工时间表，包括目标于 2028 年第二季度完工的 Adison West、2028 年第四季度完工的 Adison East 以及 2027 年第三季度完工的 Pavilion Mont’ Kiara。
Source: annual report 2025, pages 24, 25.出处：2025 年年报第 24、25 页。
- The replenishment of the construction order book, which stood at RM2.14 billion at end 2025 compared with RM2.76 billion at end 2024.建筑未完成订单的补充情况，其在 2025 年底为 RM2.14 billion，而 2024 年底为 RM2.76 billion。
Source: annual report 2024, page 23; annual report 2025, page 22.出处：2024 年年报第 23 页；2025 年年报第 22 页。
- Outstanding advances to subcontractors in excess of 1 year, which increased to RM72,345,000 at end 2025 from RM67,263,000 at end 2024.超过 1 年的应收分包商垫款，从 2024 年底的 RM67,263,000 增至 2025 年底的 RM72,345,000。
Source: annual report 2025, page 249.出处：2025 年年报第 249 页。
Facts as printed in the company's annual reports, with the page of each; no rating and no advice. Built 2026-11-06.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 2026-11-06。