Ajiya Berhad Q1 2026 Financial Results: Profit Rises Despite Revenue Decline

Key Highlights from the Latest Financial Statement

• Revenue Decline: For the first quarter ended 31 March 2026, Ajiya Berhad reported revenue of RM57.25 million, a significant decrease of 29.3% compared to RM80.97 million in the corresponding quarter last year.
• Profit Growth: Despite the drop in revenue, the Group achieved a 44.1% increase in profit before tax (PBT) to RM11.66 million from RM8.09 million in Q1 2025. Net profit rose sharply by 73.5% to RM9.77 million.
• EPS and Share Base: Basic earnings per share (EPS) stood at 1.79 sen based on 548.28 million shares, compared to 1.83 sen a year ago (based on a much smaller base of 304.58 million shares).
• Profit Drivers: The profit improvement was attributed to higher fair value gains on other investments (RM9.95 million) and higher interest income (RM4.72 million). These gains offset the impact from lower sales.
• Other Income and One-offs: The previous quarter (Q4 2025) included substantial gains from the disposal of properties (RM13.74 million), which were not repeated this quarter, contributing to a sequential profit decline.
• Cost Management: Operating expenses declined by 22.1% year-on-year, reflecting management’s efforts to control costs amid the challenging environment.
• Balance Sheet Strength: Net assets per share improved to RM1.20 from RM1.10 as at the end of December 2025. The Group maintains strong equity of RM667.6 million and a relatively low short-term borrowing of RM7.29 million.
• Cash Flow: Net cash from operating activities stood at RM16.74 million for the quarter. However, the Group used RM22.95 million in investing activities, primarily from disposal and acquisition of investments, leading to a net decrease in cash to RM31.43 million as at 31 March 2026.
• Capital Commitments: The Group has approved and contracted for capital expenditure of RM567,567 for machinery purchases.
• Contingent Liabilities: The Group has provided corporate guarantees totaling RM7.29 million for banking facilities to subsidiaries.
• No Dividends Declared: No dividend was paid or declared for the quarter, which may be noteworthy for income-focused shareholders.
• Corporate Actions: The Group continues to hold a significant number of treasury shares (60.89 million), and a pending disposal of two parcels of industrial land announced in August 2025 is yet to be completed.
• Geographical Changes: Following the cessation of operations at the Thai Ajiya Safety Glass Co. Ltd factory, there is no longer any geographical segment reporting for the Group.
• Prospects: Management remains cautious, citing ongoing cost pressure and subdued market sentiment. The Group aims to focus on operational efficiency, cost control, and potential investment opportunities for additional earnings.
• No Material Litigation or Major Structural Changes: There were no significant changes in group composition or material legal cases during the period.

Potentially Price-Sensitive Details for Shareholders

• The sharp increase in profits despite falling revenue is largely due to non-operating gains, especially from the fair value increase in investments. This may not be sustainable if such gains do not recur in future quarters.
• No dividend payout this quarter may disappoint some shareholders, especially given the strong profit reported.
• Pending land disposal could result in a one-off gain in future quarters, potentially impacting share price when completed.
• The high level of treasury shares (over 10% of total shares) could have implications for future share buybacks, cancellations, or re-issuance.
• The cessation of the Thai operation means the Group is now fully focused on the Malaysian market, which may impact its growth profile and risk exposure.
• Significant fair value gains on investments are subject to market fluctuations and could introduce volatility to earnings.

Conclusion

Ajiya Berhad’s Q1 2026 results present a mixed picture. The strong profit performance was achieved in spite of a significant drop in revenue, thanks to fair value and investment gains. However, the lack of a dividend, reliance on non-core income, and challenging operating environment are important considerations for investors. The pending asset disposal and treasury share position also warrant attention as potential catalysts or risks for the share price.

Disclaimer

This article is for informational purposes only and should not be construed as investment advice. Investors are advised to do their own research or consult professional advisors before making any investment decisions. The author and publisher are not liable for any actions taken based on this article.

Laporan Kewangan Suku Pertama 2026 Ajiya Berhad: Untung Naik Walaupun Hasil Turun

Perkara Utama dalam Laporan Kewangan Terkini

• Pendapatan Menurun: Untuk suku pertama berakhir 31 Mac 2026, Ajiya Berhad mencatatkan pendapatan sebanyak RM57.25 juta, penurunan 29.3% berbanding RM80.97 juta pada suku yang sama tahun lalu.
• Peningkatan Keuntungan: Walaupun pendapatan turun, keuntungan sebelum cukai (PBT) kumpulan meningkat 44.1% kepada RM11.66 juta berbanding RM8.09 juta pada S1 2025. Untung bersih melonjak 73.5% kepada RM9.77 juta.
• Pendapatan Sesaham (EPS): EPS asas ialah 1.79 sen berdasarkan 548.28 juta saham, berbanding 1.83 sen sebelum ini dengan asas saham yang lebih kecil.
• Punca Keuntungan: Kenaikan keuntungan disumbangkan oleh keuntungan nilai saksama pelaburan lain (RM9.95 juta) dan pendapatan faedah yang lebih tinggi (RM4.72 juta).
• Pendapatan Lain dan Keuntungan Tidak Berulang: Suku sebelumnya (S4 2025) mempunyai keuntungan luar biasa dari pelupusan hartanah (RM13.74 juta) yang tidak berulang pada suku ini.
• Pengurusan Kos: Perbelanjaan operasi turun 22.1% tahun ke tahun, mencerminkan usaha pengurusan mengawal kos.
• Kekuatan Kunci Kira-kira: Aset bersih sesaham meningkat kepada RM1.20 dari RM1.10 pada akhir Disember 2025. Ekuiti kumpulan kukuh pada RM667.6 juta dan pinjaman jangka pendek rendah pada RM7.29 juta.
• Aliran Tunai: Aliran tunai operasi bersih RM16.74 juta. Namun, kumpulan menggunakan RM22.95 juta untuk aktiviti pelaburan, mengakibatkan baki tunai menurun kepada RM31.43 juta setakat 31 Mac 2026.
• Komitmen Modal: Komitmen modal yang diluluskan dan dikontrakkan ialah RM567,567 untuk pembelian mesin.
• Liabiliti Bersyarat: Jaminan korporat sebanyak RM7.29 juta diberi untuk fasiliti bank anak syarikat.
• Tiada Dividen: Tiada dividen diumumkan atau dibayar untuk suku ini.
• Tindakan Korporat: Kumpulan masih memegang saham perbendaharaan yang besar (60.89 juta) dan pelupusan tanah perindustrian yang diumumkan pada Ogos 2025 masih belum selesai.
• Perubahan Geografi: Selepas operasi Thai Ajiya Safety Glass Co. Ltd ditutup, tiada lagi pelaporan segmen geografi.
• Prospek: Pengurusan kekal berwaspada dengan persekitaran pasaran yang mencabar dan tekanan kos. Fokus kepada kecekapan operasi, kawalan kos, dan peluang pelaburan untuk menambah pendapatan.
• Tiada Litigasi atau Perubahan Struktur Penting: Tiada perubahan besar dalam komposisi kumpulan atau kes undang-undang penting sepanjang tempoh ini.

Maklumat Sensitif Harga untuk Pemegang Saham

• Kenaikan untung yang ketara walaupun pendapatan jatuh berpunca dari keuntungan bukan operasi, terutamanya daripada pelaburan. Ia mungkin tidak berulang jika tiada keuntungan sedemikian pada suku-suku akan datang.
• Tiada pembayaran dividen boleh mengecewakan pelabur yang mahukan pendapatan dari saham.
• Pelupusan tanah yang belum selesai boleh membawa keuntungan sekali sahaja pada masa depan, berpotensi mempengaruhi harga saham bila selesai.
• Saham perbendaharaan yang tinggi (>10% dari jumlah saham) boleh memberi kesan pada pelan pembelian balik, pembatalan, atau penerbitan semula saham.
• Pemberhentian operasi Thai bermakna kumpulan kini hanya fokus di pasaran Malaysia, yang boleh mengubah profil pertumbuhan dan risiko.
• Keuntungan nilai saksama yang besar tertakluk kepada turun naik pasaran dan boleh membawa volatiliti kepada pendapatan.

Kesimpulan

Keputusan S1 2026 Ajiya Berhad menunjukkan keadaan bercampur. Prestasi untung yang kukuh dicapai walaupun hasil merosot, hasil daripada keuntungan pelaburan. Namun, ketiadaan dividen, pergantungan kepada pendapatan bukan teras, dan persekitaran operasi yang mencabar adalah faktor penting untuk pelabur. Pelupusan aset dan kedudukan saham perbendaharaan juga perlu diberi perhatian kerana boleh menjadi pemangkin atau risiko kepada harga saham.

Penafian

Artikel ini hanya untuk tujuan maklumat dan bukan nasihat pelaburan. Pelabur digalakkan membuat kajian sendiri atau rujuk penasihat profesional sebelum membuat keputusan pelaburan. Penulis dan penerbit tidak bertanggungjawab atas sebarang tindakan berdasarkan artikel ini.

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