Worst Profit in >10 Years, but Rises 4% the Next Day

Net profit was dragged down by write-offs and FOREX losses. But management has a plan for value unlocking, disposing non-core assets, and exiting loss-making segments. Management projects up to RM3 billion in capital returns in the next 3 years if their plans are successful.

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DoitDuit | Your Investing Friend & Ren 🗿
June 09, 2026

I covered IJM before and highlighted the valuable assets they have, and why they are under pressure now to unlock value for the shareholders.

Results at a glance:

IJM’s Annual Net Profit for the past 10 years

There’s no sugar coating it: the reported profit numbers are not good. This is actually their worst annual profit since the 2008 financial crisis.

In the latest quarter, the reported a net loss of RM174 mil which is also the worst quarterly performance since 2008.

Even after adjusting for:

  • FOREX losses of RM94.7 mil;

  • Inventory write offs of RM121.6 mil; and

  • Provisions for unexpected expenses in India of RM51mil;

The final net profit after tax in the final quarter only amounted to RM93.3 mil.

And yet, this is not really important. Let’s sweep away the noise and focus on what matters: The Performance of IJM Construction (IJMC) specifically.

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