UUE Holdings Berhad’s latest quarterly result gives a more encouraging picture than what the previous quarter may have suggested. For the fourth quarter ended 28 February 2026, the group recorded RM58.89 million in revenue, up from RM41.95 million a year earlier, while profit before tax rose to RM10.28 million from RM4.56 million. Profit after tax came in at RM7.53 million, more than double the RM3.44 million posted in the corresponding quarter last year. On a per-share basis, quarterly basic EPS improved to 0.8 sen from 0.4 sen.
What makes the latest quarter more meaningful is that it also marks a sharp rebound from the immediately preceding quarter. UUE disclosed that while quarterly revenue dipped slightly by 2.0% from RM60.06 million to RM58.89 million, gross profit actually improved from RM15.06 million to RM16.11 million. More importantly, the group swung from a loss before tax of RM4.09 million in the previous quarter to a profit before tax of RM10.28 million in the latest quarter. Profit after tax also turned around from a loss of RM6.43 million to a profit of RM7.53 million.
The reason this rebound matters is because the earlier weakness was heavily distorted by a one-off ESOS expense. For the full financial year ended 28 February 2026, UUE reported RM17.38 million in profit before tax and RM9.18 million in profit after tax. But after adjusting for the RM12.5 million one-off ESOS expense, management said the group’s adjusted PBT would have been RM29.88 million and adjusted PAT RM21.69 million. In other words, the headline annual profit looked weaker mainly because of this non-recurring accounting charge, not because the core business had suddenly collapsed.
At the segment level, the latest quarter was still led by the group’s main business, underground utilities engineering solutions, which contributed RM51.85 million of quarterly revenue. The manufacturing and trading of HDPE pipes segment added RM6.89 million, while the EPCC of solar PV systems segment contributed RM0.15 million. This shows that UUE remains primarily an underground utilities and infrastructure execution story, with pipes and renewable-energy works serving as supplementary growth pillars.
Geographically, Malaysia remained the largest market, contributing RM49.44 million in quarterly revenue, while Singapore contributed RM9.45 million. For the full year, Malaysia generated RM184.25 million and Singapore RM24.77 million. That mix matters because it shows UUE still has a meaningful cross-border operating base, even though the core earnings engine remains more heavily anchored in Malaysia.
From a balance-sheet angle, the group also continues to expand its operating base. As at 28 February 2026, total assets stood at RM229.68 million, up from RM179.76 million a year earlier, while net assets per share improved to RM0.15 from RM0.12. Equity attributable to owners rose to RM133.20 million from RM113.10 million. This indicates that despite the noise around annual earnings, the group is still building its asset base and shareholder equity over time.
Another important point from the report is the order book and outlook. Management said the group maintains a healthy order book of RM536.4 million, comprising ongoing and secured projects in both Malaysia and Singapore, which is expected to contribute positively to future earnings. On top of that, UUE highlighted that it has secured two subsea HDD contracts, marking an expansion into subsea horizontal directional drilling works, and also landed its first contract for EPCC of a 33kV to low voltage electrical supply system, which opens a path into the mechanical and electrical segment. These are useful signals that the group is not just relying on existing jobs, but is still expanding its technical capability and service offering.
The outlook commentary was also constructive. UUE said it remains positive on the energy and utilities sectors in both Malaysia and Singapore. In Malaysia, it cited TNB’s planned capex of about RM42.8 billion from 2025 to 2027, while in Singapore it pointed to projected construction demand of S$47 billion to S$53 billion in 2026, supported by large-scale projects such as Changi Airport Terminal 5 and the Marina Bay Sands expansion. That broader industry backdrop helps support the case that UUE’s latest stronger quarter is not happening in isolation, but within a still-supportive infrastructure environment.
Overall, the latest QR looks like a strong finish to the year. Quarterly revenue grew solidly, profit rebounded sharply, and the underlying annual earnings picture looks much better once the one-off ESOS expense is adjusted out. With a RM536.4 million order book, expanding technical capabilities, and continued exposure to infrastructure and utility spending in Malaysia and Singapore, UUE’s latest result suggests the group ended FY2026 on a much firmer footing than the headline annual number alone might imply.
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