KUALA LUMPUR: SkyWorld Development Bhd, an urban property developer principally involved in investment holding, provision of management services to its subsidiaries and property development, saw its revenue rise by 45.7% year-on-year to RM108.7 million for Q1 ended June 30, 2026 (FY27), driven by progressive revenue recognition from a broader base of five ongoing developments.
Higher revenue led to a 17.1% increase in gross profit to RM31.6 million, while net profit surged 84.3% to RM5.3 million for the quarter.
Looking ahead, SkyWorld Development enters the next phase of its growth with RM1.1 billion in unbilled sales as of June 30, 2026, providing continued earnings visibility from its existing development portfolio.
The group is targeting new launches with a combined gross development value (GDV) exceeding RM2.0 billion for FY27, further broadening its portfolio of revenue-generating developments and keeping SkyWorld Development firmly on track to achieve its post-IPO target of RM4.6 billion in cumulative launches by the end of 2026.
Its regional expansion strategy into Southeast Asia is also taking shape with the preview of SkySOLIS in Ho Chi Minh City, a three-tower residential development comprising 1,101 units.
The project represents SkyWorld Development’s maiden development outside Malaysia, with its local sales gallery officially opened in July 2026 to support ongoing previews and engagement with prospective homebuyers ahead of the official launch.
Supported by its cash reserves exceeding RM350.0 million and a healthy net gearing ratio of 0.43 times, the group remains strategically positioned to advance its development pipeline and regional expansion plans.
SkyWorld Development CEO Lee Chee Seng said the group started FY27 on a stronger footing, with improved quarterly performance reflecting higher contributions from ongoing developments.
“With greater earnings visibility from our unbilled sales and upcoming launches, we remain focused on executing our development pipeline and building momentum for our next phase of growth.
“Our maiden development in Vietnam through SkySOLIS marks an important milestone in our regional expansion journey, as we begin to bring our proven urban lifestyle development concept into selected high-growth markets.
“At the same time, Penang remains an important growth market for us, where we look forward to deploying our prefabricated prefinished volumetric construction (PPVC) technology by the end of FY27 to enhance construction efficiency and accelerate project delivery,” he said.
Lee said these initiatives align with SkyWorld 2040, its long-term strategic plan to strengthen its core property development business, expand selectively into regional markets, and harness innovation to drive sustainable growth and create long-term value for shareholders.
