WCE Holdings Berhad (WCEHB) is a Malaysian investment holding company focused on developing and operating expressway infrastructure. Its main project, the West Coast Expressway (WCE), enhances connectivity along the west coast of Peninsular Malaysia.
The company oversees the full project lifecycle, from construction to toll operations and maintenance, contributing significantly to regional transportation efficiency and economic growth. Recently, WCE Holdings Berhad (“WCEHB”) announced its financial results for the fourth quarter ended 31 March 2025 (4Q FY2025).
Group Financial Performance
WCE Holdings Berhad (“WCEHB”) has released its financial results for the fourth quarter ended 31 March 2025 (4Q FY2025). For the full financial year (FY2025), the Group reported a 2% year-on-year revenue growth, underpinned by a robust 107% surge in toll collection revenue as more sections of the West Coast Expressway became operational.
EBITDA also saw significant growth, rising to RM98.2 million in FY2025 from RM3.8 million in FY2024. The Group’s loss before tax narrowed by 18%, improving to RM134.3 million compared to RM163.6 million in the previous financial year.
In 4Q FY2025, revenue soared 247% to RM318.1 million, up from RM91.6 million in the same quarter last year. This strong growth was driven by increased construction activities and higher toll collections following the opening of new WCE sections. Toll revenue also climbed 79% quarter-on-quarter, reflecting the boost in traffic volume.
Segment Performance
Concession Segment
For FY2025, toll collection revenue under the concession segment more than doubled, increasing by 107% year-on-year. This was spurred by increased traffic following the opening of three key sections:
Section 1 (Banting – South Klang Valley Expressway (SKVE))
Section 2 (SKVE – Shah Alam Expressway (KESAS))
Section 11 (Beruas – Taiping Selatan)
Despite this, total revenue for the concession segment dipped 18% year-on-year, as construction revenue recognition decreased after these sections’ completion.
However, in 4Q FY2025, the segment’s revenue jumped 144% from the same period last year, reflecting stronger construction activities at Rest and Service Areas (RSAs) and higher toll collection.
Construction
The construction segment, operated by WCE Maju Sdn Bhd, delivered robust year-on-year revenue growth of 431% in FY2025, driven by intensified project execution. Key ongoing works include:
The proposed access road connecting the WCE to a mixed development in Kota Seri Langat (“the Seri Langat Project”)
Construction of Section 7B (Assam Jawa Interchange to Tanjung Karang Interchange)
Development of ten (10) Rest and Service Area (“RSA”) facilities along the West Coast Expressway
For FY2025, the segment posted a profit before tax of RM3.7 million, marking a turnaround from a loss before tax of RM4.1 million in FY2024.
In 4Q FY2025, construction revenue surged 1,879% compared to the same quarter in the previous year, reflecting the accelerated progress of these construction activities.
WCE Project Updates
The WCE Project involves the development of a 233 kilometer toll highway from Banting, Selangor to Taiping, Perak including 40 kilometers of highway to be constructed later. This build-operate-transfer project has a concession period of up to 60 years, effective from 20 December 2013.
As of 31 March 2025, 8 out of 11 sections are operational, covering 180 kilometers across Selangor and Perak. Notably, the entire Perak alignment (120 km) has been fully completed. The operational sections as of 31 March 2025 are as follows:
On 22 January 2025, the Group achieved a major milestone by completing and opening Section 2, linking the SKVE and KESAS interchanges. This new section has significantly improved access to these expressways and, along with the openings of Sections 1, 2, 6, and 11, has led to a sharp rise in daily traffic volume, with sectional average daily traffic growing by 93% compared to the previous year.
During the Chinese New Year in January 2025, toll collection reached a daily peak of RM0.7 million, surpassing the earlier record of RM0.6 million in April 2024. This growth momentum continued through Hari Raya Puasa in April 2025, when toll collection hit a new record of RM0.9 million per day and sectional average daily traffic peaked at 375,000 vehicles.
WCE has on 18 April 2025 received consent and approval from the Government of Malaysia for WCE to accept a Term Loan Facility offered by Bank Pembangunan Malaysia Berhad of up to RM1,150.00 million. The Term Loan Facility will be utilised to part-finance costs and expenses associated with the West Coast Expressway, encompassing development, design, construction fees, financing costs (including interest during construction), as well as other related fees and expenses in relation to the Project.
Looking ahead, the Group is optimistic about further improvement in operational performance, supported by the continued ramp-up in sectional toll revenue and the opening of the remaining three sections, i.e. Section 3 (KESAS – Federal Highway Route 2), Section 4 (Federal Highway Route 2 – New North South Klang Straits Bypass (NNKSB)) and Section 7 (Assam Jawa – Tanjung Karang). As the full alignment becomes operational, the Group anticipates a transition toward sustained profitability.
For more information on WCE Holdings Berhad and West Coast Expressway, kindly visit:
https://www.wcehb.com.my
https://wce.com.my
This content is provided by WCE Holdings Berhad
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