KUALA LUMPUR, May 28 (Bernama) -- Main Market-listed property developer and construction service provider, Rivertree STF Synergies Berhad (
formerly known as Sinmah Capital Berhad) (“
RSSB” or the “
Group”), has announced its third quarter (“
3QFY26”) and nine-month financial results for the period ended 31 March 2026 (“
9MFY26”). Following the change in financial year end from 31 December 2024 to 30 June 2025, there are no comparative figures available for both 3QFY26 and 9MFY26.
RSSB’s 3QFY26 net profit jumped 3.8-fold to RM1.6 million from RM0.4 million in the preceding quarter (“2QFY26”). This was the fourth successive profitable quarter after having recorded annual losses since 2018. Revenue for the quarter came in at RM8.2 million, mainly attributed to progressive recognition from the Laman Lentera and Bukit Gambir projects, as well as sales of development land under the Property Development segment.
On a cumulative basis, 9MFY26 net profit was at RM2.3 million on the back of RM27.8 million revenue. As at 31 March 2026, RSSB’s balance sheet is lean with cash holdings of RM17.7 million and zero borrowings.
Executive Director of RSSB, Dato’ Simon David Leong (拿督梁世民) who joined the Board of Directors in October 2025, said, “Under new leadership since late 2025, we are making good progress. From RM252,000 net profit in first quarter of FY26 to RM426,000 in second quarter, and now RM1.628 million in 3QFY26, we are confident to sustain the upward trajectory going forward. Our principal activities of property development and construction services will remain, while we are also diversifying into Centralised Labour Quarters (“
CLQ”) management in the near term once we secure the necessary approvals.”
"Looking ahead, we have a clear pipeline – the construction of four CLQs in the Klang Valley with an aggregate indicative development value of approximately RM600 million encompassing 28,800 beds subject to finalisation of definitive agreements, with Q Centre @ Teratai being first in line. Together with our planned venture into CLQ management, this positions RSSB as a one stop centre for CLQ solutions, offering a comprehensive suite of services spanning design, construction, development, facility management, and workforce-related services, thus delivering value across the full CLQ lifecycle," he added.
RSSB expects to sign definitive agreements with Catenary Capital Sdn Bhd¹ (“
Catenary Capital”) and Q Centre Management Sdn Bhd (“
QCM”) soon for the development of Q Centre @ Teratai, the first of the four proposed CLQs. Located in Meru, Klang, Q Centre @ Teratai is a 9,000-bed CLQ with an indicative development value of approximately RM171 million.
To recap, RSSB had on 3 March 2026 entered into Heads of Agreement with Catenary Capital and QCM for the development of up to four CLQ facilities in the Klang Valley. RSSB is the turnkey developer responsible for the full scope of design and construction across the proposed facilities. Upon signing of definitive agreements, the construction of the four proposed CLQs would provide clear earnings visibility to the Group for the next three years.
RSSB also announced on 19 March 2026 its plan to diversify into CLQ management, encompassing facility management, maintenance, security, compliance monitoring, tenant management and ancillary services such as transportation coordination, laundry services and other value-added offerings. Given the rising need for compliant, purpose-built CLQs in the country, this strategic move will allow the Group to build a stable and growing recurring income stream to complement its project-based revenue.
“Our growth path is clear and the team is forging forward on all fronts – property development activities from our existing jobs as well as upcoming projects in the Klang Valley; construction of four CLQs with Q Centre @ Teratai being first in line, as well as our planned venture into the management of CLQs. With the pieces all coming together, the next twelve months will be transformative for RSSB,” Dato’ Simon concluded.
Note: ¹ Catenary Capital is a fund manager duly registered with the Securities Commission Malaysia and one of the fund managers under Kumpulan Wang Persaraan (Diperbadankan) (“KWAP”)’s Dana Pemacu initiative.About Rivertree STF Synergies Berhad (RSSB)
Listed on the Main Market of Bursa Malaysia, Rivertree STF Synergies Berhad (
formerly known as Sinmah Capital Berhad) adopted its current name effective 3 February 2026. Following the disposal of its entire poultry business in 2022, the Group is now principally involved in residential and commercial property development, as well as provision of construction services.
Through its wholly-owned subsidiary, RSSB Builders Sdn Bhd, the Group holds a Grade 7 (G7) contractor licence issued by the Construction Industry Development Board (CIDB), which qualifies it to tender for and undertake construction projects of unlimited contract value. The Group is currently involved in property development projects in Melaka, Johor and Selangor, and is expanding its construction portfolio to include turnkey developments of Centralised Labour Quarters in Klang Valley area.
Bursa stock code: RSSB / 9776 Released on behalf of Rivertree STF Synergies Berhad by Capital Front Investor Relations.
SOURCE: Capital Front Investor RelationsFOR MORE INFORMATION, PLEASE CONTACT:
Name: Dwayne Teng
Email: dwayne@capitalfront.biz
--BERNAMA