Evergreen Max Cash Capital Berhad Delivers Strong Q1 2026 Results: Revenue Soars 47%, Profits Nearly Double
Key Highlights from Q1 2026 Financial Report
- Revenue jumped 47.3% year-on-year to RM67.59 million from RM45.89 million in Q1 2025.
- Gross profit surged by 88.7% to RM28.84 million from RM15.28 million in the previous year’s corresponding quarter.
- Profit before taxation soared 95.7% to RM19.11 million, compared to RM9.90 million in Q1 2025.
- Net profit attributable to shareholders rose to RM13.72 million (up from RM7.01 million).
- Earnings per share (EPS) improved to 1.22 sen (from 0.63 sen).
- Net assets per share increased to RM0.25 from RM0.23 at year-end 2025.
Business Segment Performance
- Pawnbroking services: Revenue increased by RM4.08 million (32.3%) to RM16.70 million, driven by a 33.9% rise in pawn loans disbursed (up RM53.82 million). This was made possible by increased internal funds and fresh borrowings of RM255 million in revolving credit facilities.
- Gold & luxury products retail and trading: Revenue rose by RM9.46 million (32.34%) to RM38.73 million, attributed to:
- Higher sales of unredeemed pledged gold (increased by RM1.63 million, or 14.34%).
- Strong growth in pre-owned gold product sales (up RM7.59 million, or 42.53%).
- Sales of new gold products also increased significantly (by RM0.24 million, or 403.19%).
- Tawarruq products: Revenue leapt by RM8.17 million (203.49%) to RM12.17 million, as Tawarruq pawn loans disbursed rose by RM109.43 million (164.8%).
Profitability and Margins
- Gross profit margin improved substantially across all segments, especially in:
- Pawnbroking (+39.25%, up RM3.81 million).
- Gold & luxury products retail and trading (+68.14%, up RM3.24 million), benefitting from higher gold prices (Q1 2026: USD4,604/oz vs Q1 2025: USD3,062/oz).
- Tawarruq products (+733.71%, up RM6.53 million).
- The Group’s effective tax rate remained elevated at 28.2% (above the statutory 24%) due to non-deductible expenses, such as professional fees.
Balance Sheet and Cash Flows
- Total assets grew to RM678.15 million (from RM626.98 million as at 31 December 2025).
- Total equity increased to RM275.75 million (from RM261.66 million).
- Borrowings rose to RM315.30 million (from RM281.59 million), mainly due to increased revolving credit drawn for loan deployment.
- Cash and bank balances stood at RM25.59 million at quarter-end; net cash used in operations was RM41.43 million, reflecting the outflow for loan growth.
- Share capital increased slightly following the issuance of 127,200 shares under the Employees’ Share Option Scheme.
Operational and Strategic Updates
- No dividends declared or paid during the quarter.
- No material litigation, corporate proposals, or changes in the group structure during or after the quarter.
- Ongoing expansion of pawnbroking network:
- As at reporting, 29 conventional pawnshops and 70 Islamic pawnshop outlets under “Pajaking” and “Ar-Rahnu Cahaya” brands.
- Plans for further expansion via new outlets and acquisitions.
- Gold & luxury products business ramping up digital marketing and strengthening its online retail sales team to drive future growth.
Other Noteworthy Points
- No extraordinary or exceptional items during the reporting period.
- No dividend payment in Q1 2026; shareholders should note this in their return expectations.
- No major capital commitments, contingent liabilities, or changes in asset valuations as at 31 March 2026.
- No profit forecast or guarantee issued by the Group.
Potential Share Price Catalysts & Shareholder Considerations
- Strong topline and bottom-line growth is likely to attract investor attention and may positively impact share price sentiment.
- Significant expansion in loan disbursement and outlet network points to increasing market share and future earnings potential.
- Rising gold prices have contributed to profit growth, but any reversal could affect margins.
- Increased borrowings to fund growth may add financial leverage risk; investors should monitor future gearing levels.
- No dividend declared might disappoint income-focused shareholders in the short term.
- No known adverse litigation or material events as of the report date.
Conclusion
Evergreen Max Cash Capital Berhad has delivered a robust set of results for Q1 2026, with rapid revenue and profit growth driven by its core pawnbroking, gold retail, and Tawarruq financing businesses. The Group’s ongoing expansion plans and digital initiatives position it well for future growth, although the increased use of borrowings and the lack of interim dividends are factors investors should consider. The results are likely to be viewed positively by the market, and could act as a catalyst for share price appreciation, provided operational momentum is sustained and risks are managed.
Disclaimer: This article is prepared for informational purposes only and should not be construed as investment advice. Investors are advised to conduct their own research and consult their financial advisors before making investment decisions. The author and publisher accept no liability for any losses incurred based on this information.
[Versi Bahasa Malaysia]
Evergreen Max Cash Capital Berhad Catat Prestasi Kukuh Q1 2026: Pendapatan Naik 47%, Keuntungan Hampir Berganda
Sorotan Utama Laporan Kewangan Q1 2026
- Pendapatan melonjak 47.3% tahun ke tahun kepada RM67.59 juta daripada RM45.89 juta pada Q1 2025.
- Keuntungan kasar meningkat 88.7% kepada RM28.84 juta daripada RM15.28 juta tahun lalu.
- Keuntungan sebelum cukai naik 95.7% kepada RM19.11 juta berbanding RM9.90 juta pada Q1 2025.
- Keuntungan bersih untuk pemegang saham meningkat kepada RM13.72 juta (dari RM7.01 juta).
- Pendapatan sesaham (EPS) meningkat kepada 1.22 sen (daripada 0.63 sen).
- Aset bersih sesaham meningkat kepada RM0.25 berbanding RM0.23 pada akhir 2025.
Prestasi Segmen Perniagaan
- Perkhidmatan Pajakan: Pendapatan naik RM4.08 juta (32.3%) kepada RM16.70 juta, didorong oleh lonjakan 33.9% dalam jumlah pinjaman gadai (naik RM53.82 juta).
- Perniagaan Runcit & Perdagangan Emas dan Produk Mewah: Pendapatan meningkat RM9.46 juta (32.34%) kepada RM38.73 juta, hasil:
- Peningkatan jualan emas gadaian yang tidak ditebus (+RM1.63 juta, atau 14.34%).
- Pertumbuhan kukuh jualan emas terpakai (+RM7.59 juta, atau 42.53%).
- Jualan produk emas baharu juga melonjak (+RM0.24 juta, atau 403.19%).
- Produk Tawarruq: Pendapatan melonjak RM8.17 juta (203.49%) kepada RM12.17 juta, didorong oleh kenaikan besar dalam pinjaman gadaian Tawarruq (+RM109.43 juta, atau 164.8%).
Keuntungan dan Margin
- Margin keuntungan kasar bertambah baik dalam semua segmen, terutamanya:
- Pajakan (+39.25%, naik RM3.81 juta).
- Perniagaan emas & produk mewah (+68.14%, naik RM3.24 juta), didorong harga emas lebih tinggi (Q1 2026: USD4,604/oz vs Q1 2025: USD3,062/oz).
- Produk Tawarruq (+733.71%, naik RM6.53 juta).
- Kadar cukai efektif kekal tinggi pada 28.2% (melebihi kadar statutori 24%) akibat perbelanjaan tidak boleh ditolak cukai seperti yuran profesional.
Kedudukan Kewangan & Aliran Tunai
- Jumlah aset meningkat kepada RM678.15 juta (dari RM626.98 juta pada 31 Disember 2025).
- Jumlah ekuiti naik kepada RM275.75 juta (dari RM261.66 juta).
- Pinjaman meningkat kepada RM315.30 juta (dari RM281.59 juta), terutamanya kerana penggunaan kredit berpusing untuk pinjaman pelanggan.
- Tunai dan baki bank berjumlah RM25.59 juta pada akhir suku; aliran keluar tunai operasi bersih RM41.43 juta mencerminkan pertumbuhan pinjaman.
- Modal saham meningkat sedikit hasil terbitan 127,200 saham di bawah Skim Opsyen Saham Pekerja.
Kemas Kini Operasi & Strategik
- Tiada dividen diisytiharkan atau dibayar dalam suku ini.
- Tiada litigasi material, cadangan korporat, atau perubahan struktur kumpulan sepanjang atau selepas suku ini.
- Pembesaran berterusan rangkaian pajakan:
- Setakat laporan, 29 kedai pajak konvensional dan 70 kedai pajak Islamik beroperasi.
- Rancangan untuk tambah outlet baru dan pengambilalihan strategik.
- Perniagaan emas & produk mewah memperkukuh pemasaran digital dan pasukan jualan dalam talian untuk pertumbuhan masa depan.
Perkara Lain Yang Perlu Diberi Perhatian
- Tiada item luar biasa atau istimewa sepanjang tempoh laporan.
- Tiada pembayaran dividen dalam Q1 2026; pemegang saham perlu peka terhadap perkara ini dalam jangkaan pulangan.
- Tiada komitmen modal besar, liabiliti luar jangka, atau perubahan penilaian aset setakat 31 Mac 2026.
- Tiada ramalan atau jaminan keuntungan dikeluarkan oleh Kumpulan.
Pemangkin Harga Saham & Perhatian Pemegang Saham
- Pertumbuhan pendapatan dan keuntungan yang kukuh boleh menarik minat pelabur dan menyokong sentimen harga saham.
- Pembesaran pinjaman dan rangkaian outlet menandakan potensi pertumbuhan masa depan yang lebih cerah.
- Kenaikan harga emas menyumbang kepada keuntungan, tetapi sebarang penurunan boleh jejaskan margin.
- Peningkatan pinjaman untuk pembiayaan pertumbuhan menambah risiko leverage kewangan; pelabur perlu pantau kadar keberhutangan masa depan.
- Tiada dividen diisytiharkan mungkin mengecewakan pemegang saham yang fokus pada pendapatan.
- Tiada litigasi atau peristiwa material negatif setakat tarikh laporan.
Kesimpulan
Evergreen Max Cash Capital Berhad mencatat keputusan kukuh untuk Q1 2026, dengan pertumbuhan pesat hasil dan keuntungan didorong oleh perniagaan teras pajakan, runcit emas, dan pembiayaan Tawarruq. Rancangan pembesaran dan inisiatif digital Kumpulan meletakkannya pada landasan kukuh untuk pertumbuhan masa depan, walaupun penggunaan pinjaman yang meningkat dan ketiadaan dividen interim adalah faktor yang perlu dipertimbangkan pelabur. Keputusan ini dijangka memberi impak positif kepada pasaran dan boleh menjadi pemangkin kepada harga saham, sekiranya momentum operasi berterusan dan risiko diurus dengan baik.
Penafian: Artikel ini untuk tujuan maklumat sahaja dan bukan nasihat pelaburan. Pelabur dinasihatkan membuat penyelidikan sendiri dan mendapatkan nasihat kewangan sebelum membuat keputusan pelaburan. Penulis dan penerbit tidak bertanggungjawab atas sebarang kerugian berdasarkan maklumat ini.
