DRB-HICOM Berhad Q1 2026 Financial Report: Strong Growth Driven by Mobility and Aerospace

Key Highlights for Investors

• Net Profit Surges: DRB-HICOM Berhad posted a sharply higher net profit of RM153.73 million for the quarter ended 31 March 2026, more than double the RM63.75 million achieved in the same quarter last year. This reflects a significant turnaround in profitability and could be price sensitive for investors.
• Revenue Jumps: Total revenue increased by 15.7% year-on-year to RM4.76 billion from RM4.11 billion, mainly fueled by the Mobility, Banking, and Postal segments.
• Profit Before Tax (PBT): The Group recorded a PBT of RM192.40 million, up from RM92.62 million, underlining strong operational performance improvements.
• Segmental Performance:
  • Mobility: The largest contributor, with revenue rising 19.6% to RM3.62 billion, thanks to robust Proton vehicle sales and the positive impact from the acquisition of CTRM AeroSystems Sdn. Bhd (formerly Spirit AeroSystems Malaysia Sdn. Bhd.).
  • Postal: Achieved 7.9% growth in revenue, supported by in-flight catering and ground handling activities.
  • Banking: Revenue rose 9.4% to RM583.36 million, with Bank Muamalat Malaysia Berhad expanding its financing portfolio.
  • Services: Revenue dipped slightly by 1.2% due to lower vehicle inspection numbers.
  • Properties: Saw a steep 70.2% decline in revenue, mainly due to weaker property development and construction contributions.
• Dividend: A final dividend of 2.5 sen per share (totalling RM48.33 million) was approved for FY2025 and paid on 17 April 2026. No interim dividend was declared for Q1 2026.
• Shareholder Value: Basic and diluted earnings per share (EPS) increased to 2.33 sen from 0.92 sen a year ago, reflecting improved returns to shareholders.
• Strong Cash Flows: Despite a net decrease in cash and equivalents by RM152.85 million during the quarter due to investing and financing activities, the Group’s cash position remains robust at RM5.30 billion.

Material Events and Price-Sensitive Developments

• Aerospace Expansion: The completion of the acquisition of CTRM AeroSystems (formerly Spirit AeroSystems Malaysia) in December 2025 marked a key strategic move for DRB-HICOM. The final purchase consideration was set at USD111.2 million, with an additional payment of USD0.6 million made in April 2026. This acquisition strengthens the Group’s aerospace manufacturing and assembly capabilities, enhancing its value chain presence and future earnings potential.
• New Subsidiary in Mobility: EON Motors Sdn. Bhd. was incorporated in February 2026, focusing on new and used vehicles (including electric vehicles), aftersales, and charging-related services. This supports DRB-HICOM’s push into the fast-growing EV market.
• Bank Muamalat Digital Expansion: The launch of ATLAS, a Syariah-compliant digital banking platform, signals continued advancement in Islamic digital finance and could drive further growth in the Banking segment.
• Pos Malaysia Perpetual Sukuk: In March 2026, Pos Malaysia established a subordinated perpetual Islamic notes programme of up to RM1.0 billion. The first tranche of RM300 million was issued and fully subscribed by DRB-HICOM, but as an intra-group transaction, it was eliminated at group level. This move provides funding flexibility for Pos Malaysia’s ongoing transformation.

Operational and Strategic Review

• Proton’s Sales Momentum: In Q1 2026, Proton sold 49,140 units (up 40.1% YoY), including 6,701 units of the e.MAS 5, now Malaysia’s best-selling EV. This surge is driven by the Group’s electrification strategy and rising consumer preference for EVs amid fuel subsidy rationalisation.
• Postal Transformation: Pos Malaysia is on track with its transformation plan, focusing on loss reduction, network rationalisation, digital channel expansion, and cost management. This could lead to improved profitability in subsequent periods.
• Banking Growth: Bank Muamalat continues to benefit from expanding its loan book and digital offerings, strengthening its position in the Islamic finance sector.
• Properties and Services Segments: These segments underperformed, with Properties seeing a major drop in revenue and profits due to fewer development and construction projects, and Services affected by lower inspection activity.

Balance Sheet and Financial Position

• Total Assets: RM65.28 billion as at 31 March 2026.
• Net Assets Per Share: RM4.02.
• Total Borrowings: RM8.37 billion (short-term: RM1.58 billion, long-term: RM6.79 billion).
• Derivative Positions: Outstanding derivatives amounted to RM2.62 billion in notional value, with a net fair value gain of RM7.29 million recognised for the quarter.

Prospects for FY2026

DRB-HICOM expects to maintain a resilient performance for the full year, supported by ongoing growth in the Mobility (especially Proton and EVs), Banking, and Aerospace segments. The Group is also accelerating digitalisation and cost optimisation efforts across its businesses. However, management notes that global uncertainties, particularly in the Middle East, may pose challenges.

Other Notable Points

• No material litigation or significant contingent liabilities as at the reporting date.
• No profit forecast or guarantee was issued for the current period.
• No interim dividend for the quarter, but a final dividend for FY2025 was paid in April 2026.

Conclusion

DRB-HICOM Berhad’s Q1 2026 results reflect a strong operational rebound, with the Mobility and Aerospace segments leading growth. Strategic moves in digital banking and EVs position the Group for future expansion. These developments, especially the successful integration of CTRM AeroSystems and Proton’s EV momentum, are likely to be price sensitive and could impact the Group’s share performance in the coming quarters.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own analysis or consult with a professional advisor before making investment decisions. The author and publisher are not responsible for any losses arising from reliance on this article.

Versi Bahasa Malaysia

Laporan Kewangan Suku Pertama 2026 DRB-HICOM: Lonjakan Untung Dipacu Segmen Mobiliti dan Aeroangkasa

Perkara Utama untuk Pelabur

• Untung Bersih Melonjak: DRB-HICOM mencatat untung bersih RM153.73 juta bagi suku berakhir 31 Mac 2026, lebih dua kali ganda berbanding RM63.75 juta pada suku sama 2025. Ini mencerminkan pemulihan ketara dalam keuntungan dan boleh menjadi sensitif harga untuk pelabur.
• Hasil Meningkat: Jumlah hasil meningkat 15.7% kepada RM4.76 bilion dari RM4.11 bilion, dipacu terutamanya oleh segmen Mobiliti, Perbankan dan Pos.
• Untung Sebelum Cukai (PBT): Kumpulan mencatat PBT RM192.40 juta, berbanding RM92.62 juta tahun lalu, menunjukkan prestasi operasi yang kukuh.
• Pencapaian Segmen:
  • Mobiliti: Penyumbang terbesar, hasil naik 19.6% kepada RM3.62 bilion, diterajui jualan Proton dan impak positif pengambilalihan CTRM AeroSystems Sdn. Bhd.
  • Pos: Hasil naik 7.9%, disokong oleh aktiviti katering dalam penerbangan dan pengendalian darat.
  • Perbankan: Hasil naik 9.4% kepada RM583.36 juta, dengan Bank Muamalat memperluas portfolio pembiayaan.
  • Perkhidmatan: Hasil susut sedikit 1.2% akibat kurangnya pemeriksaan kenderaan komersial.
  • Hartatanah: Menyusut 70.2% kerana kurang projek pembangunan dan pembinaan.
• Dividen: Dividen akhir 2.5 sen sesaham (jumlah RM48.33 juta) telah diluluskan untuk tahun kewangan 2025 dan dibayar pada 17 April 2026. Tiada dividen interim bagi suku ini.
• Nilai Pemegang Saham: EPS asas dan dicairkan meningkat kepada 2.33 sen berbanding 0.92 sen tahun lalu.
• Aliran Tunai Kukuh: Walaupun terdapat pengurangan bersih tunai sebanyak RM152.85 juta, kedudukan tunai kumpulan kekal kukuh pada RM5.30 bilion.

Peristiwa Material dan Perkembangan Sensitif Harga Saham

• Peluasan Aeroangkasa: Penyelesaian pengambilalihan CTRM AeroSystems pada Disember 2025 dengan harga akhir USD111.2 juta mengukuhkan keupayaan pembuatan dan pemasangan kumpulan dalam aeroangkasa.
• Subsidiari Baru Mobiliti: Penubuhan EON Motors Sdn. Bhd. pada Februari 2026 memperkukuh usaha DRB-HICOM dalam pasaran EV dan servis berkaitan.
• Bank Muamalat – Digital: Pelancaran ATLAS, platform perbankan digital patuh Syariah, memperkukuh kedudukan dalam kewangan Islam digital.
• Pos Malaysia Perpetual Sukuk: Program nota Islamik sehingga RM1.0 bilion, dengan tranche pertama RM300 juta dikeluarkan dan dilanggan sepenuhnya oleh DRB-HICOM, meningkatkan fleksibiliti pendanaan Pos Malaysia.

Ulasan Operasi dan Strategik

• Momentum Jualan Proton: Proton menjual 49,140 unit (+40.1% YoY), termasuk 6,701 unit e.MAS 5 yang kini EV terlaris Malaysia.
• Transformasi Pos Malaysia: Fokus pada pengurangan kerugian, rasionalisasi rangkaian, pengembangan saluran digital dan kawalan kos.
• Pertumbuhan Perbankan: Bank Muamalat terus memperluas pinjaman dan tawaran digitalnya.
• Segmen Hartanah dan Perkhidmatan: Prestasi lemah disebabkan kurang projek dan aktiviti pemeriksaan.

Kedudukan Kewangan dan Penyata Imbangan

• Jumlah Aset: RM65.28 bilion setakat 31 Mac 2026.
• Aset Bersih Sesaham: RM4.02.
• Jumlah Pinjaman: RM8.37 bilion.
• Derivatif: Nilai nosional RM2.62 bilion dengan keuntungan nilai saksama bersih RM7.29 juta untuk suku ini.

Prospek Tahun Kewangan 2026

DRB-HICOM menjangka prestasi kekal stabil, dipacu pertumbuhan berterusan dalam segmen Mobiliti (terutama Proton dan EV), Perbankan, dan Aeroangkasa. Kumpulan juga mempercepat pendigitalan dan pengoptimuman kos. Namun, ketidaktentuan global boleh memberi cabaran.

Perkara Lain

• Tiada litigasi material atau liabiliti luar jangka setakat tarikh laporan.
• Tiada ramalan keuntungan dikeluarkan bagi tempoh semasa.
• Tiada dividen interim untuk suku ini, tetapi dividen akhir tahun kewangan 2025 telah dibayar pada April 2026.

Kesimpulan

Keputusan Q1 2026 DRB-HICOM menunjukkan prestasi operasi yang kukuh, terutamanya dalam segmen Mobiliti dan Aeroangkasa. Langkah strategik dalam perbankan digital dan EV memperkukuh prospek masa depan. Perkembangan ini, terutamanya integrasi CTRM AeroSystems dan momentum EV Proton, dijangka memberi impak kepada harga saham kumpulan.

Penafian: Artikel ini untuk tujuan maklumat sahaja dan bukan nasihat pelaburan. Pelabur dinasihatkan membuat analisis sendiri atau berunding dengan penasihat profesional sebelum membuat keputusan pelaburan. Penulis dan penerbit tidak bertanggungjawab atas sebarang kerugian akibat penggunaan artikel ini.

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