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QL RESOURCES BERHAD — Interim / Quarterly Report 2026
May 27, 2026
71336_rns_2026-05-27_2a476874-e7fe-45c2-ae3a-817744d39b99.pdf
Interim / Quarterly Report
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QL RESOURCES BERHAD (428915-X)
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT FOR THE 4TH QUARTER ENDED 31.3.2026
CONDENSED CONSOLIDATED INCOME STATEMENTS FOR THE PERIOD ENDED 31.3.2026 (UNAUDITED)
Table 1: Financial review for current quarter and financial year to date
| % increase against last period | INDIVIDUAL QUARTER | % increase against last period | CUMULATIVE QUARTERS | |||
|---|---|---|---|---|---|---|
| CURRENT YEAR | PRECEDING YEAR | CURRENT YEAR | PRECEDING CORRESPONDING | |||
| 4TH QUARTER 1.1.2026 to 31.3.2026 | 4TH QUARTER 1.1.2025 to 31.3.2025 | TO-DATE 1.4.2025 to 31.3.2026 | PERIOD 1.4.2024 to 31.3.2025 | |||
| RM'000 | RM'000 | RM'000 | RM'000 | |||
| Revenue | 4% | 1,806,464 | 1,735,588 | 0% | 7,047,423 | 7,047,652 |
| Operating Profit | 9% | 232,334 | 213,032 | -3% | 964,100 | 991,273 |
| Depreciation and amortisation | 2% | (74,063) | (72,497) | 4% | (292,389) | (280,982) |
| Interest income | -44% | 4,228 | 7,588 | 12% | 16,662 | 14,904 |
| Finance costs | -16% | (12,620) | (14,979) | -15% | (52,133) | (61,172) |
| Share of profit of associates and joint ventures (net) | 506 | 841 | 3,386 | 1,843 | ||
| Profit Before Taxation | 12% | 150,385 | 133,985 | -4% | 639,626 | 665,866 |
| Less: Tax expense | (24,999) | (29,911) | (22.3%) | (147,852) | (168,806) | |
| Profit for the period | 20% | 125,386 | 104,074 | -1% | 491,774 | 497,060 |
| Attributable to: | ||||||
| Shareholders of the Company | 21% | 113,349 | 93,400 | -1% | 450,352 | 455,076 |
| Minority interests | 12,037 | 8.0% (29,911) | 8.0% (10,674) | 41,422 | 6.5% (41,984) | |
| Profit for the period | 125,386 | 104,074 | 491,774 | 497,060 | ||
| Number of shares in issue ('000) | 3,650,310 | 3,650,310 | 3,650,310 | 3,650,310 | ||
| Earnings per share: | ||||||
| Basic earnings per ordinary shares (sen) | 21% | 3.11 | 2.56 | -1% | 12.34 | 12.47 |
| Diluted earnings per ordinary shares (sen) | NA | NA | NA | NA |
The Condensed Consolidated Income Statements should be read in conjunction with the Annual Financial Statements for year ended 31 March 2025 and the accompanying explanatory notes attached to this interim financial statements.
Note: NA denotes "Not Applicable"
QL RESOURCES BERHAD (428915-X)
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT FOR THE 4TH QUARTER ENDED 31.3.2026
CONDENSED CONSOLIDATED INCOME STATEMENTS FOR THE PERIOD ENDED 31.3.2026 (UNAUDITED)
Table 2: Financial review for current quarter compared with immediate preceding quarter
| % increase against last period | CURRENT QUARTER | PRECEDING QUARTER | ||
|---|---|---|---|---|
| 4TH QUARTER 1.1.2026 to 31.3.2026 RM'000 | 3RD QUARTER 1.10.2025 to 31.12.2025 RM'000 | |||
| Revenue | 0% | 1,806,464 | 1,798,467 | |
| Operating Profit | -10% | 232,334 | 257,594 | |
| Depreciation and amortisation | 1% | (74,063) | (73,629) | |
| Interest income | 13% | 4,228 | 3,752 | |
| Finance costs | 1% | (12,620) | (12,454) | |
| Share of profit of associates and joint ventures (net) | 506 | 1,104 | ||
| Profit Before Taxation | -15% | 150,385 | 176,367 | |
| Less: Tax expense | (24,999) | (Effective tax rate) 16.6% | (44,554) | |
| Profit for the period | -5% | 125,386 | 131,813 | |
| Attributable to: | ||||
| Shareholders of the Company | -6% | 113,349 | 120,171 | |
| Minority interests | 12,037 | 8.0% (% against PBT) | 11,642 | |
| Profit for the period | 125,386 | 131,813 | ||
| Number of shares in issue ('000) | 3,650,310 | 3,650,310 | ||
| Earnings per share: | ||||
| Basic earnings per ordinary shares (sen) | -6% | 3.11 | 3.29 | |
| Diluted earnings per ordinary shares (sen) | NA | NA |
The Condensed Consolidated Income Statements should be read in conjunction with the Annual Financial Statements for year ended 31 March 2025 and the accompanying explanatory notes attached to this interim financial statements.
Note: NA denotes "Not Applicable"
QL RESOURCES BERHAD (428915-X)
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT FOR THE 4TH QUARTER ENDED 31.3.2026
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31.3.2026 (UNAUDITED)
| INDIVIDUAL QUARTER | CUMULATIVE QUARTERS | |||
|---|---|---|---|---|
| CURRENT YEAR | PRECEDING YEAR | CURRENT YEAR | PRECEDING CORRESPONDING | |
| 4TH QUARTER 1.1.2026 to 31.3.2026 RM'000 | 4TH QUARTER 1.1.2025 to 31.3.2025 RM'000 | TO-DATE 1.4.2025 to 31.3.2026 RM'000 | PERIOD 1.4.2024 to 31.3.2025 RM'000 | |
| Profit for the period | 125,386 | 104,074 | 491,774 | 497,060 |
| Other comprehensive income/(loss), net of tax: | ||||
| Actuarial gain on estimated liabilities for employee benefits | (106) | 982 | (279) | 982 |
| Foreign currency translation differences for foreign operations | (9,827) | (25,864) | (75,505) | (70,189) |
| Cash flow hedge | 1,857 | 783 | 3,098 | (2,999) |
| Total comprehensive income for the period | 117,310 | 79,975 | 419,088 | 424,854 |
| Total comprehensive income attributable to: | ||||
| Shareholders of the Company | 106,156 | 70,610 | 380,571 | 386,586 |
| Minority interests | 11,154 | 9,365 | 38,517 | 38,268 |
| Total comprehensive income for the period | 117,310 | 79,975 | 419,088 | 424,854 |
The Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the Annual Financial Statements for year ended 31 March 2025 and the accompanying explanatory notes attached to this interim financial statements.
Note: NA denotes "Not Applicable"
QL RESOURCES BERHAD (428915-X)
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT FOR THE 4TH QUARTER ENDED 31.3.2026
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| | | As at
31.3.2026
RM'000
Unaudited | As at
31.3.2025
RM'000
Audited |
| --- | --- | --- | --- |
| ASSETS | | | |
| Non-Current Assets | | | |
| Property, plant and equipment | | 2,396,116 | 2,373,363 |
| Right-of-use assets | | 581,351 | 543,457 |
| Investment properties | | 22,620 | 25,575 |
| Intangible assets | | 189,083 | 189,567 |
| Investment in associates | | 11,366 | 8,910 |
| Investment in joint ventures | | 19,106 | 19,723 |
| Other investments | | - | 306 |
| Deferred tax assets | | 35,359 | 36,140 |
| Trade and other receivables | | 16,501 | 21,483 |
| | | 3,271,502 | 3,218,524 |
| Current Assets | | | |
| Biological assets | | 281,618 | 249,687 |
| Inventories | 64 days | 949,088 | 909,533 |
| Contract assets | | 89,634 | 63,243 |
| Contract costs | | 692 | 2,632 |
| Current tax assets | | 46,400 | 34,576 |
| Trade receivables | 27 days | 528,901 | 532,456 |
| Other receivables, assets and prepayment | | 171,941 | 180,520 |
| Derivative financial assets | | 3,356 | 2,858 |
| Cash and cash equivalents | | 742,811 | 687,435 |
| Assets classified as held for sale | | 19,787 | 21,272 |
| | | 2,834,228 | 2,684,212 |
| Total Assets | | 6,105,730 | 5,902,736 |
| EQUITY AND LIABILITIES | | | |
| Equity | | | |
| Share capital | | 620,025 | 620,025 |
| Treasury shares | | (1,040) | (761) |
| Shares held by Trustee | | (5,239) | (3,522) |
| Reserves | | 2,736,538 | 2,546,867 |
| Equity attributable to shareholders of the Company | | 3,350,284 | 3,162,609 |
| Minority interests | | 413,186 | 392,931 |
| Total Equity | | 3,763,470 | 3,555,540 |
| Non-Current Liabilities | | | |
| Long term borrowings (LT Debts/Total Equity) | 3% | 120,539 | 128,709 |
| Lease liabilities | | 233,170 | 209,461 |
| Other payables | | 10,115 | 8,817 |
| Contract liabilities | | 3,244 | 3,584 |
| Employee benefits | | 14,681 | 14,175 |
| Deferred tax liabilities | | 201,948 | 195,818 |
| | | 583,697 | 560,564 |
| Current Liabilities | | | |
| Short term-bankers acceptance | | 635,091 | 711,924 |
| Other short term borrowings | | 144,186 | 165,454 |
| Lease liabilities | | 40,881 | 37,349 |
| Trade and other payables | | 779,243 | 706,941 |
| Contract liabilities | | 117,408 | 129,599 |
| Derivative financial liabilities | | 10,168 | 818 |
| Taxation | | 31,586 | 34,547 |
| | | 1,758,563 | 1,786,632 |
| Total Liabilities | | 2,342,260 | 2,347,196 |
| Total Equity and Liabilities | | 6,105,730 | 5,902,736 |
| Net Assets per share (RM) | | 0.92 | 0.87 |
| Based on number of shares('000) | | 3,650,310 | 3,650,310 |
The Condensed Consolidated Statement of Financial Position should be read in conjunction with the Annual Financial Statements for year ended 31 March 2025 and the accompanying explanatory notes attached to the interim financial statements.
QL RESOURCES BERHAD (428915-X)
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT FOR THE 4TH QUARTER ENDED 31.3.2026
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31.3.2026
| 12 months ended 31.3.2025 | Share capitalRM'000 | Non-Distributable | Distributable | Total EquityRM'000 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Treasury sharesRM'000 | Shares held by TrusteeRM'000 | transfer of shares to TrusteeRM'000 | Translation reservesRM'000 | Hedging reserveRM'000 | Retained ProfitRM'000 | Attributable to shareholders of the CompanyRM'000 | Non-controlling interestsRM'000 | |||
| At 1.4.2024 | 620,025 | - | - | - | (41,442) | 216 | 2,363,841 | 2,942,640 | 255,179 | 3,197,819 |
| Foreign currency translation differences for foreign operations | - | - | - | - | (66,695) | - | - | (66,695) | (3,494) | (70,189) |
| Actuarial gain on estimated liabilities for employee benefits | - | - | - | - | - | - | 760 | 760 | 222 | 982 |
| Cash flow hedge | - | - | - | - | - | (2,555) | - | (2,555) | (444) | (2,999) |
| Total other comprehensive income/(expenses) for the year | - | - | - | - | (66,695) | (2,555) | 760 | (68,490) | (3,716) | (72,206) |
| Profit for the period | - | - | - | - | - | - | 455,076 | 455,076 | 41,984 | 497,060 |
| Total comprehensive income/(expenses) for the period | - | - | - | - | (66,695) | (2,555) | 455,836 | 386,586 | 38,268 | 424,854 |
| Contribution by and distributions to owners of the Company | ||||||||||
| - Dividends to owners of the Company | - | - | - | - | - | - | (176,404) | (176,404) | - | (176,404) |
| - Dividends paid to non-controlling interests | - | - | - | - | - | - | - | - | (13,684) | (13,684) |
| - Share buy-back | - | (5,882) | - | - | - | - | - | (5,882) | - | (5,882) |
| - Employee share-based expense | - | - | 1,761 | - | - | - | - | 1,761 | 1,761 | |
| - Shares vested under SGS | - | 5,121 | (5,283) | 162 | - | - | - | - | - | |
| - Acquisition of non-controlling interests | - | - | - | - | - | - | (5,676) | (5,676) | (12,356) | (18,032) |
| - Changes in ownership of non-controlling interests | 2,085 | 2,085 | (263) | 1,822 | ||||||
| Shares issued pursuant to: | ||||||||||
| - Acquisition of subsidiaries | 17,564 | 17,564 | 125,843 | 143,407 | ||||||
| - Shares issuance expenses | - | - | - | - | - | - | (65) | (65) | (56) | (121) |
| Total transactions with owners of the Company | - | (761) | (3,522) | 162 | - | - | (162,496) | (166,617) | 99,484 | (67,133) |
| At 31.3.2025 | 620,025 | (761) | (3,522) | 162 | (108,137) | (2,339) | 2,657,181 | 3,162,609 | 392,931 | 3,555,540 |
The Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the Annual Financial Report for year ended 31 March 2025 and the accompanying explanatory notes attached to the interim financial statements.
QL RESOURCES BERHAD (428915-X)
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT FOR THE 4TH QUARTER ENDED 31.3.2026
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31.3.2026
| 12 months ended 31.3.2026 | Non-Distributable | Distributable | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Share capital RM'000 | Treasury shares RM'000 | Shares held by Trustee RM'000 | Gain on transfer of shares to Trustee RM'000 | Translation reserves RM'000 | Hedging reserve RM'000 | Retained Profit RM'000 | Attributable to shareholders of the Company RM'000 | Non-controlling interests RM'000 | Total Equity RM'000 | |
| At 1.4.2025 | 620,025 | (761) | (3,522) | 162 | (108,137) | (2,339) | 2,657,181 | 3,162,609 | 392,931 | 3,555,540 |
| Foreign currency translation differences for foreign operations | - | - | - | - | (71,767) | - | - | (71,767) | (3,738) | (75,505) |
| Actuarial gain/(loss) on estimated liabilities for employee benefits | - | - | - | - | - | - | (238) | (238) | (41) | (279) |
| Cash flow hedge | - | - | - | - | - | 2,224 | - | 2,224 | 874 | 3,098 |
| Total other comprehensive income/(expenses) for the year | - | - | - | - | (71,767) | 2,224 | (238) | (69,781) | (2,905) | (72,686) |
| Profit for the period | - | - | - | - | - | - | 450,352 | 450,352 | 41,422 | 491,774 |
| Total comprehensive income/(expenses) for the period | - | - | - | - | (71,767) | 2,224 | 450,114 | 380,571 | 38,517 | 419,088 |
| Contribution by and distributions to owners of the Company | - | - | - | - | - | - | (182,481) | (182,481) | - | (182,481) |
| - Dividends to owners of the Company | - | - | - | - | - | - | - | - | (14,347) | (14,347) |
| - Dividends paid to non-controlling interests | - | - | - | - | - | - | - | - | - | (5,921) |
| - Share buy-back | - | (5,921) | - | - | - | - | - | (5,921) | - | (5,921) |
| - Employee share-based expense | - | - | 3,490 | - | - | - | - | 3,490 | - | 3,490 |
| - Shares vested under SGP | - | 5,642 | (5,207) | (435) | - | - | - | - | - | - |
| - Acquisition of non-controlling interests | - | - | - | - | - | - | (3,598) | (3,598) | (3,915) | (7,513) |
| - Changes in ownership interest in subsidiaries | - | - | - | - | - | - | (4,386) | (4,386) | - | (4,386) |
| Total transactions with owners of the Company | - | (279) | (1,717) | (435) | - | - | (190,465) | (192,896) | (18,262) | (211,158) |
| At 31.3.2026 | 620,025 | (1,040) | (5,239) | (273) | (179,904) | (115) | 2,916,830 | 3,350,284 | 413,186 | 3,763,470 |
The Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the Annual Financial Report for year ended 31 March 2025 and the accompanying explanatory notes attached to the interim financial statements.
QL RESOURCES BERHAD (428915-X)
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT FOR THE 4TH QUARTER ENDED 31.3.2026
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31.3.2026
| Period ended 31.3.2026 RM'000 | Period ended 31.3.2025 RM'000 | |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Profit before tax | 639,626 | 665,866 |
| Adjustments for: | ||
| Depreciation & amortisation | 292,389 | 280,982 |
| Change in working capital | (53,766) | 86,487 |
| Income tax paid | (155,908) | (171,076) |
| Other non-cash items | (33,123) | 36,582 |
| Net cash generated from operating activities | 689,218 | 898,841 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Purchase of fixed assets | (333,347) | (299,608) |
| Others | 21,109 | 21,381 |
| Net cash used in investing activities | (312,238) | (278,227) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Repayment of borrowings | (40,288) | (101,103) |
| Payment of lease liabilities | (52,103) | (35,521) |
| Dividend paid to minority interest | (14,347) | (13,684) |
| Dividend paid to shareholders | (182,481) | (176,404) |
| Acquisition of treasury shares | (5,921) | (5,882) |
| Acquisition of non-controlling interests | (7,513) | (18,032) |
| Others | - | 1,822 |
| Net cash used in financing activities | (302,653) | (348,804) |
| Net increase in cash and cash equivalents | 74,327 | 271,810 |
| Cash and cash equivalents at 1 April | 664,191 | 392,381 |
| Cash and cash equivalents at 31 March | 738,518 | 664,191 |
The Condensed Consolidated Statement of Cash Flows should be read in conjunction with the Annual Financial Statements for year ended 31 March 2025 and the accompanying explanatory notes attached to this interim financial statements.
QL RESOURCES BERHAD (428915-X)
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT FOR THE 4TH QUARTER ENDED 31.3.2026
NOTES TO THE INTERIM FINANCIAL REPORT
A1. Basis of preparation
This interim financial information of QL Resources Berhad ('The Group') is prepared in accordance with the requirements of paragraph 9.22 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad and complies with the requirements of the Malaysian Financial Reporting Standard ('MFRSs') No. 134 – Interim Financial Reporting. The Unaudited Condensed Consolidated Interim Financial Information should be read in conjunction with audited financial statements of the Group for the financial year ended 31 March 2025.
The accounting policies and methods of computation used in the preparation of the interim financial statements are consistent with those used in the preparation of the financial statements for the financial year ended 31 March 2025 except for the adoption of the followings:
- Amendments to MFRS 121, The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability
The adoption of the above standards and interpretations did not have any material impact on the interim financial report of the Group.
A2. Seasonal or cyclical factors
Certain segment of the Group's business are affected by cyclical factors.
The management considers that on a quarter to quarter basis, the demand and/or production of the Group's products for each of the following core activities varies and the variation in each quarters were as follows:
1) Marine products manufacturing activities are affected by monsoon in the 4th quarter.
2) Integrated livestock farming activities are not significantly affected in any of the quarters.
3) Convenience store chain activities are affected by festive season holidays especially Ramadan, in addition to new stores opening.
4) Crude palm oil milling activities are seasonally affected by monsoon resulting in low crops in the 2nd and 4th quarters. Meanwhile, the clean energy business activities are not seasonal but dependant on orders and delivery schedule.
On an overall basis therefore, the group's performance varies seasonally and maybe affected by unusual and unforeseen events affecting each of the core activities.
Based on past 3 years quarterly data, our average seasonal earnings index is as follows:
| % | |
|---|---|
| Q1 April to June | 22.4% |
| Q2 July to September | 27.9% |
| Q3 October to December | 27.9% |
| Q4 January to March | 21.8% |
| 100.0% |
A3. Unusual items
There are no unusual items that have material effect on the assets, liabilities, equity, net income or cash flow during the quarter under review.
A4. Nature and amount of changes in estimates
There were no material changes in estimates during the quarter under review.
A5. Debts and securities
There are no issuance, cancellation, repurchase, resale and repayment of debt and equity securities during the quarter under review.
9
A6. Dividend paid
In respect of the financial period ended 31 March 2026, a single tier interim dividend of 2.50 sen per ordinary share totalling approximately RM91.2 million was declared on 26 February 2026 and paid on 27 March 2026.
A7. Segmental information
Segment information in respect of the Group's business segments for the 4th quarter ended 31.3.2026
| RM'000 Revenue | RM'000 PBT | |
|---|---|---|
| Marine Products Manufacturing | 324,340 | 56,747 |
| Integrated Livestock Farming | 942,175 | 33,018 |
| Convenience Store Chain | 299,783 | 12,816 |
| Palm Oil and Clean Energy | 240,166 | 47,804 |
| Total | 1,806,464 | 150,385 |
A8. Property, plant and equipment
The valuations of land and building have been brought forward, without amendment from the previous annual report.
A9. Material subsequent event
There were no material events subsequent to the end of current quarter that have not been reflected in the financial statements.
A10. Changes in composition of the Group
During the quarter under review, there were no material changes to group composition.
A11. Changes in contingent liabilities
The Company provides unsecured financial guarantees to banks in respect of banking facilities granted to certain subsidiaries. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events, are disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote.
There were no contingent liabilities at the end of the current financial period for the Group.
A12. Disclosure of audit report qualification
There was no qualification in the audit report of the preceding annual financial statements.
QL RESOURCES BERHAD (428915-X)
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT FOR THE 4TH QUARTER ENDED 31.3.2026
ADDITIONAL INFORMATION REQUIRED BY BURSA MALAYSIA SECURITIES BERHAD'S LISTING REQUIREMENTS
B1 Review of performance for the current quarter and financial period to-date
| Current quarter | Last year corresponding quarter | % change | Cumulative quarters | Cumulative corresponding quarters last year | % change | |
|---|---|---|---|---|---|---|
| 1.1.2026 to 31.3.2026 | 1.1.2025 to 31.3.2025 | 1.4.2025 to 31.3.2026 | 1.4.2024 to 31.3.2025 | |||
| Revenue | Revenue | Revenue | Revenue | |||
| RM'000 | RM'000 | RM'000 | RM'000 | |||
| Activities: | ||||||
| Marine Product Manufacturing (MPM) | 324,340 | 295,674 | 10% | 1,353,309 | 1,375,887 | -2% |
| Integrated Livestock Farming (ILF) | 942,175 | 911,052 | 3% | 3,621,262 | 3,667,789 | -1% |
| Convenience Store Chain (CVS) | 299,783 | 295,029 | 2% | 1,251,195 | 1,213,702 | 3% |
| Palm Oil and Clean Energy (POCE) | 240,166 | 233,833 | 3% | 821,657 | 790,274 | 4% |
| Total | 1,806,464 | 1,735,588 | 4% | 7,047,423 | 7,047,652 | 0% |
| 1.1.2026 to 31.3.2026 | 1.1.2025 to 31.3.2025 | 1.4.2025 to 31.3.2026 | 1.4.2024 to 31.3.2025 | |||
| Profit before tax | Profit before tax | Profit before tax | Profit before tax | |||
| RM'000 | RM'000 | RM'000 | RM'000 | |||
| Activities: | ||||||
| Marine Product Manufacturing (MPM) | 56,747 | 43,613 | 30% | 240,813 | 243,269 | -1% |
| Integrated Livestock Farming (ILF) | 33,018 | 47,582 | -31% | 249,584 | 264,142 | -6% |
| Convenience Store Chain (CVS) | 12,816 | 12,894 | -1% | 47,674 | 62,258 | -23% |
| Palm Oil and Clean Energy (POCE) | 47,804 | 29,896 | 60% | 101,555 | 96,197 | 6% |
| Total | 150,385 | 133,985 | 12% | 639,626 | 665,866 | -4% |
The Group recorded revenue of RM1.81 billion for the current quarter, representing an increase of 4% compared with the corresponding quarter, while profit before tax ("PBT") rose by 12% to RM150.4 million. For the financial year-to-date, revenue remained stable at RM7.05 billion, while PBT decreased by 4% to RM639.6 million. The segmental performance is set out below:
a. For the current quarter, MPM's revenue increased by 10% compared with the corresponding quarter, mainly driven by improved performance in fishing and aquaculture activities, alongside stable contribution from surimi-based products. This was partially offset by lower sales volumes of fishmeal and surimi, notwithstanding higher average selling prices.
PBT increased by 30% compared with the corresponding quarter, primarily due to improved margins across all business segments except surimi, supported by higher production volumes and better selling price.
Cumulative revenue decreased by 2%, mainly due to weaker performance in fishmeal and surimi.
Despite weaker performance in fishmeal and surimi, cumulative PBT decreased marginally, partially offset by recovery in fishing and aquaculture activities and improved volume and margins in surimi-based products.
b. ILF's current-quarter revenue increased by 3% compared with the corresponding quarter, mainly driven by higher feed raw material trading volume albeit at lower unit prices.
However, PBT decreased by 31%, mainly attributable to weaker performance of layer farming operations in Peninsular Malaysia arising from lower egg prices and removal of egg subsidy effective 1 August 2025. This was partially mitigated by recovery in Indonesia farming operations and stronger contribution from feed raw material trading.
Cumulative revenue was marginally lower, reflecting similar trends observed in the current quarter revenue.
Cumulative PBT declined by 6%, mainly attributable to weaker performance of layer farming operations in Peninsular Malaysia following the full removal of egg subsidies effective 1 August 2025.
c. CVS' current quarter revenue increased marginally by 2% compared with the corresponding quarter. Despite a net increase of 45 stores and 37 FM Mini, the growth was weak mainly due to lower average store sales, impacted by soft consumer sentiment, competition in the food and beverage segment, and exclusion from the Sumbangan Asas Rahmah ("SARA") programme.
PBT decreased marginally by 1%, due to higher operating cost but partially mitigated by improved operational efficiencies.
Cumulative revenue increased by 3%, mainly driven by store expansion, albeit tempered by lower average store sales arising from the same factors affecting quarterly performance.
Cumulative PBT declined by 23%, due to margin compression.
B1 Review of performance for the current quarter and financial period to-date
d. POCE’s current-quarter revenue increased by 3% compared with the corresponding quarter, mainly driven by higher project delivery from the bio-energy and water treatment divisions under BM Greentech. This was partially offset by weaker performance of palm oil activities due to lower CPO prices.
PBT increased by 60%, mainly attributable to stronger project contributions as well as gains arising from the disposal of a parcel of Tawau oil palm estate land.
Cumulative revenue were 4% higher than the corresponding period, largely attributable to higher project delivery under the bio-energy and water treatment divisions under BM Greentech.
Cumulative PBT increased by 6%, in line with improved project performance and gains arising from the disposal of a parcel of Tawau oil palm estate land.
B2 Review of current quarter performance with the preceding quarter
| Current quarter | Preceding quarter | % change | Current quarter | Preceding quarter | % change | |
|---|---|---|---|---|---|---|
| 1.1.2026 to 31.3.2026 | 1.10.2025 to 31.12.2025 | 1.1.2026 to 31.3.2026 | 1.10.2025 to 31.12.2025 | |||
| Revenue | Revenue | Profit before tax | Profit before tax | |||
| RM'000 | RM'000 | RM'000 | RM'000 | |||
| Activities: | ||||||
| Marine Product Manufacturing (MPM) | 324,340 | 354,627 | -9% | 56,747 | 71,960 | -21% |
| Integrated Livestock Farming (ILF) | 942,175 | 925,012 | 2% | 33,018 | 74,356 | -56% |
| Convenience Store Chain (CVS) | 299,783 | 305,766 | -2% | 12,816 | 7,026 | 82% |
| Palm Oil and Clean Energy (POCE) | 240,166 | 213,062 | 13% | 47,804 | 23,025 | 108% |
| Total | 1,806,464 | 1,798,467 | 0% | 150,385 | 176,367 | -15% |
For the current quarter, the Group recorded revenue of RM1.81 billion, broadly in line with the preceding quarter, while PBT decreased by 15% to RM150.4 million. The segmental performance is set out below:
a. MPM's current quarter revenue decreased by 9% compared with the preceding quarter, mainly due to seasonal factors.
PBT declined by 21%, primarily due to lower contribution from fishmeal and surimi following reduced sales volumes seasonally, but partially mitigated by improved average selling prices.
b. ILF's current quarter revenue increased by 2% compared with the preceding quarter, mainly contributed by higher feed raw material trading volume, which helped to mitigate weaker sales performance from layer farming operations in Peninsular Malaysia and Vietnam.
PBT decreased significantly by 56%, mainly attributable to lower egg price cycle, which adversely impacted margins in layer farming operations across Peninsular Malaysia and Vietnam.
c. CVS's revenue decreased by 2% compared with the preceding quarter, despite a net increase of 8 stores and 5 FM Mini, mainly due to lower average store sales amid soft consumer sentiment and continued market competitive pressures.
PBT increased by 82%, driven by tighter cost management and improved operational efficiencies, resulting in margin recovery.
d. POCE's revenue increased by 13% compared with the preceding quarter, mainly due to higher project delivery under BM Greentech that partially offset by lower CPO prices and lower CPO sales tonnage delivery.
PBT increased significantly by 108%, mainly attributable to improved project margins under BM Greentech and gains arising from the disposal of a parcel of Tawau oil palm estate land.
B3 Prospects for the new financial year 2027
The global economic outlook for 2026 remains uncertain and continues to evolve structurally, driven by ongoing trade fragmentation, the United States's tariff policy and geopolitical tensions, particularly in the Middle East. These factors are expected to persist in disrupting global supply chains, moderating investment flows and contributing to foreign exchange and energy price volatility.
Domestically, Malaysia’s GDP growth is projected at 4.0% to 5.0%, moderating from 2025 levels but supported by resilient domestic demand and sustained investment activity. Inflation is expected to remain manageable at 1.5% to 2.5%, notwithstanding potential cost pressures arising from global commodity markets.
Against this backdrop, the Group’s staple food-related businesses are expected to remain sensitive to weakening of consumer sentiment and further subsidy rationalisation. ILF is expected to face margin pressure following the full removal of egg subsidies and ongoing production normalisation in Malaysia. MPM outlook remains cautiously positive, supported by cost efficiency and steady export demand, which are expected to sustain margin. CVS will continue its measured expansion strategy, focusing on operational efficiency enhancement, with emphasis on value and convenient product offerings.
The Group’s exposure to staple food and green energy solutions provides a degree of earnings resilience, with BM Greentech well positioned to benefit from opportunities under the National Energy Transition Roadmap and water treatment solutions from data centers. Therefore, Management remains optimistic on overall performance and will continue to prioritise operational efficiency, cost optimisation, disciplined capital allocation and selective investments in technology and growth segments to sustain medium and long-term value creation.
B4 Profit forecast
No profit forecast was published during the period under review.
B5 Tax expense
| Individual quarter | Cumulative period |
|---|---|
| 3 months ended | To date |
| 31.3.2026 | 31.3.2026 |
| RM'000 | RM'000 |
| 28,000 | 137,923 |
| (3,001) | 9,929 |
| 24,999 | 147,852 |
Current income tax expense
Deferred tax expense
The effective tax rate of the Group for the current quarter is lower than the statutory rate mainly due to receipt of refund on tax settlement and also recognition of disposal gain which is not subject to corporate tax.
B6 Unquoted investments and properties
There were no disposal of unquoted investments and/or properties during quarter under review.
B7 Quoted investments
There were no revenue or purchase of quoted investment for the quarter under review except as disclosed.
B8 Corporate proposals
There were no corporate proposals announced but not completed as at the date of this report.
B9 Group borrowings
| As at 4th quarter ended 31.3.2026 | ||||||
|---|---|---|---|---|---|---|
| Long term | Short term | Total borrowings | ||||
| Foreign denomination (USDS1 = RM4.049) | RM denomination | Foreign denomination (USDS1 = RM4.049) | RM denomination | Foreign denomination (USDS1 = RM4.049) | RM denomination | |
| RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | |
| Secured | ||||||
| Term loans (Conventional) | - | 1,153 | - | 383 | - | 1,536 |
| Bankers' acceptance (Conventional) | - | - | - | 8,852 | - | 8,852 |
| - | 1,153 | - | 9,235 | - | 10,388 | |
| Unsecured | ||||||
| Term loans (Conventional) | 11,122 | - | 38,029 | - | 49,151 | - |
| Term loans (Islamic) | 106,904 | - | 41,744 | - | 148,648 | - |
| Bank overdrafts | - | - | - | 3,470 | - | 3,470 |
| Bankers' acceptance (Conventional) | - | - | 235,977 | 374,276 | 235,977 | 374,276 |
| Bankers' acceptance (Islamic) | - | - | - | 15,986 | - | 15,986 |
| Revolving credit | - | - | - | 59,966 | - | 59,966 |
| Hire purchase liabilities | - | 1,360 | - | 594 | - | 1,954 |
| 118,026 | 1,360 | 315,750 | 454,292 | 433,776 | 455,652 | |
| Total | 118,026 | 2,513 | 315,750 | 463,527 | 433,776 | 466,040 |
| As at 4th quarter ended 31.3.2025 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Long term | Short term | Total borrowings | ||||
| Foreign denomination (USDS1 = RM4.434) | RM denomination | Foreign denomination (USDS1 = RM4.434) | RM denomination | Foreign denomination (USDS1 = RM4.434) | RM denomination | |
| RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | |
| Secured | ||||||
| Term loans (Conventional) | - | 3,325 | - | 1,247 | - | 4,572 |
| Term loans (Islamic) | - | 3,261 | - | 1,740 | - | 5,001 |
| Bankers' acceptance (Conventional) | - | - | - | 11,483 | - | 11,483 |
| - | 6,586 | - | 14,470 | - | 21,056 | |
| Unsecured | ||||||
| Term loans (Conventional) | 18,089 | - | 57,918 | - | 76,007 | - |
| Term loans (Islamic) | 104,034 | - | 25,213 | - | 129,247 | - |
| Bank overdrafts | - | - | 675 | 991 | 675 | 991 |
| Bankers' acceptance (Conventional) | - | - | 302,232 | 352,759 | 302,232 | 352,759 |
| Bankers' acceptance (Islamic) | - | - | - | 45,450 | - | 45,450 |
| Revolving credit | - | - | 16,348 | 45,995 | 16,348 | 45,995 |
| Supplier factoring facilities | - | - | - | 15,327 | - | 15,327 |
| 122,123 | - | 402,386 | 460,522 | 524,509 | 460,522 | |
| Total | 122,123 | 6,586 | 402,386 | 474,992 | 524,509 | 481,578 |
The borrowings denominated in foreign currencies are hedged to RM as well as interest rate.
B10 Financial instruments
As at 31.3.2026, the outstanding derivatives (including financial instruments designated as hedging instruments) are as follows:
| Types of derivatives | Contract/Notional Value as at 31.3.2026 | Fair Value gain/(loss) as at 31.3.2026 |
|---|---|---|
| RM'000 | RM'000 | |
| (i) Cross currency swap | ||
| - Less than 1 year | ||
| - More than 1 year | 162,703 | (9,680) |
| (ii) Commodity futures contracts | ||
| - Less than 1 year | 910 | 55 |
| - More than 1 year | ||
| (ii) Foreign exchange contracts (sell) | ||
| - Less than 1 year | 55,473 | (293) |
| - More than 1 year | ||
| (iii) Foreign exchange contracts (buy) | ||
| - Less than 1 year | 171,681 | 2,891 |
| - More than 1 year | ||
| 390,767 | (7,027) |
B11 Changes in material litigation
On 3 August 2023, QLRB's subsidiary, QL Oil ("QLO"), commenced arbitration proceedings at the Singapore International Arbitration Centre ("SIAC") against Hang Ting Pte Ltd ("HT" or the First Respondent) and PT Pipit Citra Perkasa ("PCP" or the Second Respondent) (collectively, the "Respondents"). QLO is seeking specific performance orders compelling the Respondents to comply with their obligations and duties under the Master Joint Venture Agreement dated 16 August 2006 ("MJVA") relating to Pipit Mutiara Indah ("PMI"), an operating plantation company, and/or under applicable law, as well as damages for the Respondents' alleged breaches of the MJVA.
On 4 September 2023, the Respondents had filed the Respondents' Response to the Notice of Arbitration ("RRNOA") with the SIAC. The Respondents had in the RRNOA, inter alia, counterclaimed against the QLO for alleged breaches by the QLO of the terms of the MJVA as well as oppressive conduct against the Respondents within the meaning of s. 216 of the Singapore Companies Act 1967. QLO has obtained preliminary legal advice from its Singapore counsels, and is of the view that the Respondents' counterclaims are unmeritorious.
Separately on 12 September 2023, QLO announced to Bursa Malaysia that the General Division of the High Court of the Republic of Singapore had, on 11 September 2023, ordered a stay of all further proceedings related to Singapore High Court Suit HC/S 982/2021 pending the outcome of the ongoing SIAC arbitration. The Singapore High Court suit involves allegations against PCP, Ibu Juliet Kristianto Liu, and the Estate of Pak Kristianto Kandi Saputro for, among other matters, breaching the arbitration agreement in the MJVA with the intent to injure and/or cause loss to PMI, Chia Seong Fatt, and/or QL Mutiara (S) Pte Ltd ("QLM"), as well as conspiring to damage or destroy the financial and business interests of PMI, Chia, and/or QLM.
Subsequently, on 6 March 2026, QLRB announced that QLO, HT and PCP had entered into a Settlement Agreement for the full and final settlement of all disputes, claims and liabilities arising out of or in connection with the MJVA and related arrangements. The parties also agreed to terminate the MJVA, Supplemental Agreement and Shareholders' Agreement ("SSA"); and effect a mutual full and final release and discharge of all obligations in relation thereto.
On 12 May 2026, QLRB further announced that the parties had mutually agreed to extend the timelines under the Settlement Agreement, with (i) Completion Date extended to 25 May 2026; and (ii) Suspension of the SIAC arbitration proceedings extended to 4 June 2026.
On 25 May 2026, QLRB announced that the Settlement Agreement has been completed and pursuant to the terms of the Settlement Agreement, the Parties shall proceed to jointly request an order from the Arbitration tribunal for the termination of the Arbitration proceedings.
The Settlement Agreement will not have a material impact on the net assets and earnings per shares of QLRB.
B12 Dividend
The Directors have proposed a final single tier dividend of 2.50 sen per share totalling of approximately RM91.3 million in respect of the year ended 31.3.2026, subject to the approval of the shareholders at the forthcoming Annual General Meeting.
B13 Earnings per share
The calculations of basic earnings per share were as follows:
(a) Net profit attributable to ordinary shareholders (RM'000)
(b) Number of ordinary shares in issue ('000)-weighted average
Basic Earnings per share (sen)
| Current quarter ended 31.3.2026 | Cumulative to date 31.3.2026 |
|---|---|
| 113,349 | 450,352 |
| 3,650,310 | 3,650,310 |
| 3.11 | 12.34 |