YNH commits to stronger governance

KUALA LUMPUR: YNH Property Bhd has reaffirmed its commitment to strengthening corporate governance and enhancing transparency, following the recently concluded Special Independent Review (SIR) by UHY Advisory (KL) Sdn Bhd.The review, which examined the company’s joint venture and turnkey construction arrangements, has highlighted areas requiring improvement in governance and internal controls. In response, YNH said in a statement that it has taken proactive steps to address these findings. These include the establishment of an Investment Committee to strengthen oversight of investment activities, the implementation of defined authority limits for payment approvals, and the rollout of standardised policies and procedures to ensure greater control, accountability, and compliance across operations.“The board of directors of YNH remains fully committed to refining governance frameworks and ensuring that all practices align with regulatory expectations and best practices in corporate stewardship,” said chairman Datuk Yu Kuan Huat, adding that YNH’s core fundamentals remain intact and continue to show resilience.Moving forward, he said they are confident in their prospects and the group will continue to actively unlock value from its investment properties through strategic disposals so as to improve cash flows and reduce gearing.The group recorded a significant turnaround in financial performance for the second quarter ended Dec 31, 2024, posting a revenue of RM300.3 million, up sharply from RM14.3 million in the same period last year – an increase of over 1,990%. The group’s operating profit improved to RM9 million from a loss of RM4.4 million previously. Although a net loss of RM684,931 was recorded, it marks a significant improvement from the RM18.4 million loss in the corresponding quarter the year before. This performance was primarily driven by the disposal of 163 Retail Park, ongoing contributions from Solasta Dutamas, and property sales from Manjung Point Seksyen II.Solasta Dutamas, one of YNH’s flagship joint venture projects, continues to progress and remains on track for completion in 2026. Located on a 3.52-acre freehold parcel in Mont Kiara, the project comprises three residential towers with a GDV of approximately RM771 million. The development has received strong market response and the unbilled sales are expected to contribute positively to YNH’s future financial performance. “YNH is committed to emerging from this matter with strengthened governance, improved financial discipline, and a continued focus on sustainable growth. The board wishes to thank all stakeholders for their continued trust and support as the group charts its next phase of growth,” Yu concluded.

KUALA LUMPUR: YNH Property Bhd has reaffirmed its commitment to strengthening corporate governance and enhancing transparency, following the recently concluded Special Independent Review (SIR) by UHY Advisory (KL) Sdn Bhd. The review, which examined the company’s joint venture and turnkey construction arrangements, has highlighted areas requiring improvement in governance and internal controls. In response, YNH said in a statement that it has taken proactive steps to address these findings.

These include the establishment of an Investment Committee to strengthen oversight of investment activities, the implementation of defined authority limits for payment approvals, and the rollout of standardised policies and procedures to ensure greater control, accountability, and compliance across operations. “The board of directors of YNH remains fully committed to refining governance frameworks and ensuring that all practices align with regulatory expectations and best practices in corporate stewardship,” said chairman Datuk Yu Kuan Huat, adding that YNH’s core fundamentals remain intact and continue to show resilience. Moving forward, he said they are confident in their prospects and the group will continue to actively unlock value from its investment properties through strategic disposals so as to improve cash flows and reduce gearing.

The group recorded a significant turnaround in financial performance for the second quarter ended Dec 31, 2024, posting a revenue of RM300.3 million, up sharply from RM14.3 million in the same period last year – an increase of over 1,990%.

The group’s operating profit improved to RM9 million from a loss of RM4.4 million previously. Although a net loss of RM684,931 was recorded, it marks a significant improvement from the RM18.

4 million loss in the corresponding quarter the year before. This performance was primarily driven by the disposal of 163 Retail Park, ongoing contributions from Solasta Dutamas, and property sales from Manjung Point Seksyen II. Solasta Dutamas, one of YNH’s flagship joint venture projects, continues to progress and remains on track for completion in 2026.

Located on a 3.52-acre freehold parcel in Mont Kiara, the project comprises three residential towers with a GDV of approximately RM771 million. The development has received strong market response and the unbilled sales are expected to contribute positively to YNH’s future financial performance.

“YNH is committed to emerging from this matter with strengthened governance, improved financial discipline, and a continued focus on sustainable growth. The board wishes to thank all stakeholders for their continued trust and support as the group charts its next phase of growth,” Yu concluded..