WCE Holdings Berhad (WCEHB) has reported a sharp increase in revenue and improved operational performance for the fourth quarter ended 31 March 2025 (4Q FY2025), underpinned by rising toll collections and ramped-up construction activity.
For the financial year ended 31 March 2025 (FY2025), the Group recorded a 2% year-on-year growth in revenue, bolstered by a 107% surge in toll collection revenue due to additional sections of the West Coast Expressway (WCE) becoming operational. Group EBITDA jumped to RM98.2 million from RM3.8 million in FY2024, and the Group narrowed its loss before tax to RM134.3 million from RM163.6 million in the previous financial year.
Quarterly performance saw an even more pronounced uplift. Revenue for 4Q FY2025 increased 247% year-on-year to RM318.1 million from RM91.6 million, driven by higher construction activity and robust growth in toll revenue. Toll collection alone rose 79% quarter-on-quarter, indicating strong traffic uptake on newly opened expressway sections.
Concession Segment Strengthens with New Openings
Toll collection under the concession segment surged 107% year-on-year for FY2025, following the opening of three major sections: Section 1 (Banting to South Klang Valley Expressway), Section 2 (South Klang Valley Expressway to Shah Alam Expressway), and Section 11 (Beruas to Taiping Selatan). However, overall revenue for the concession segment declined 18% due to a lower recognition of construction revenue after the completion of these works.
In the fourth quarter, the segment saw a 144% increase in revenue year-on-year, driven by construction of Rest and Service Areas (RSAs) and higher toll collections.
Construction Activity Accelerates
WCE Maju Sdn Bhd, the Group’s construction arm, delivered strong performance, with FY2025 revenue rising 431% year-on-year. Key ongoing projects included the proposed access road to a mixed development in Kota Seri Langat, Section 7B (Assam Jawa Interchange to Tanjung Karang Interchange), and the construction of ten RSAs along the WCE.
The segment returned to profitability, registering a profit before tax of RM3.7 million, reversing a RM4.1 million loss in FY2024. Construction revenue for 4Q FY2025 surged by 1,879% compared to the same period in the previous year.
The West Coast Expressway spans 233 kilometres from Banting in Selangor to Taiping in Perak, with 40 kilometres yet to be constructed. The build-operate-transfer project carries a concession period of up to 60 years from 20 December 2013.
As of 31 March 2025, 180 kilometres — eight of the eleven sections — are operational. The entire Perak alignment (120 kilometres) has been completed. Among the operational sections now include Section 1 (Banting to SKVE), Section 2 (SKVE to KESAS), Section 8 (Hutan Melintang to Teluk Intan), and Section 9 (Kampung Lekir to Changkat Cermin).
The opening of Section 2 on 22 January 2025, connecting SKVE and KESAS, further improved expressway connectivity and boosted traffic. Sectional average daily traffic volume grew 93% year-on-year.
During the Chinese New Year period in January 2025, toll collection peaked at RM0.7 million per day, surpassing April 2024’s record of RM0.6 million. A new peak of RM0.9 million was achieved during Hari Raya Puasa in April 2025, with daily traffic hitting a high of 375,000.
Funding Secured for Further Development
On 18 April 2025, WCEHB received government consent to accept a Term Loan Facility of up to RM1.15 billion from Bank Pembangunan Malaysia Berhad. The facility will finance the continued development, design, and construction of the expressway, as well as related financing and project costs.
Looking Ahead
The Group remains optimistic about its financial outlook, anticipating further improvement as remaining sections — Section 3 (KESAS to Federal Highway Route 2), Section 4 (Federal Highway Route 2 to New North Klang Straits Bypass), and Section 7 (Assam Jawa to Tanjung Karang) — come online.
“With the continued ramp-up in sectional toll revenue and the completion of the remaining sections, the Group anticipates a transition toward sustained profitability,” the company stated. - May 27, 2025
