Propel Global Bhd is expanding into property development with the launch of a commercial project in Kuantan carrying an estimated gross development value (GDV) of RM64 million.
The project, named Riverpoint, marks the group’s maiden venture into commercial property development and is part of its broader strategy to diversify beyond its core oil and gas and engineering-related businesses, the company said in a statement on Monday.
Developed by its wholly owned subsidiary Propel Global Development Sdn Bhd, Riverpoint comprises 31 units of three-storey freehold shoplots located along Jalan Tanah Putih, next to the “Welcome to Kuantan” arch.
“We aim to establish Riverpoint as a landmark commercial destination and a catalyst for the area’s continued commercial growth, while generating sustainable value for shareholders, business partners and the wider community,” said group chief executive officer Angeline Lee.
The move into property comes as Propel Global continues to face an uneven earnings performance.
The group slipped into the red for the financial year ended June 30, 2025 (FY2025), posting a net loss of RM22.79 million on revenue of RM111.48 million. For the first nine months of FY2026 ended March 31, it recorded a net loss of RM17.44 million on revenue of RM56.98 million.
Prior to FY2025, the company was profitable in FY2023 and FY2024, after recording nine consecutive years of losses from FY2014 to FY2022.
Its balance sheet remains geared, with cash and bank balances of RM14.01 million as at March 31, 2026, against short-term borrowings of RM9.06 million and long-term debt of RM24.99 million, resulting in a net debt position.
Propel Global is primarily involved in oil and gas services, including pipe recovery and well intervention, as well as building technical services covering engineering, construction, project management and maintenance for commercial and industrial facilities.
The group has also indicated plans to venture into sustainable development and digital technology as part of its longer-term shift towards a lower-carbon business model.
Shares in Propel Global closed 0.5 sen or 8.3% higher at 6.5 sen on Monday, valuing the company at about RM54 million. The stock has declined 27.8% over the past year.
