Zetrix AI Berhad (fka MY E.G. Services Berhad) Q1 2026 Financial Report: Detailed Investor Analysis

Key Highlights

• Exceptional Revenue and Profit Growth: Zetrix AI Berhad achieved a record quarterly revenue of RM386.30 million for Q1 FY2026, marking a 28.8% increase from RM299.99 million in Q1 FY2025. Profit After Taxation surged to RM271.11 million, a rise of 49.3% over the same period.
• Drivers of Growth: Strong performance was propelled by web3 application service fees on the Zetrix blockchain platform, including Malaysia Blockchain Infrastructure (MBI), ZTrade, ZCert, global voting applications, Digital ID registrations, and notably, sales of Zetrix layer-1 nodes.
• Impairment Loss: Despite robust earnings, PAT was partially offset by a RM9.10 million impairment loss due to mark-to-market accounting for investment in HeiTech Padu Berhad.
• Effective Tax Rate: The effective tax rate was 0.15%, significantly below Malaysia’s statutory rate of 24%, due to tax incentives for subsidiaries focused on cloud computing, blockchain, and management/support services.
• Strong Balance Sheet: Total assets rose to RM6.25 billion, up from RM5.56 billion at 31 December 2025. Net assets per share attributable to ordinary equity holders increased to 51.78 sen (from 47.85 sen).
• Private Placement & Capital Raising:
  • Completion of two tranches of Private Placement 1 (total RM323.59 million raised) and first tranche of Private Placement 2 (RM22.82 million raised).
  • Funds primarily allocated to blockchain infrastructure and AI development; substantial balances remain for deployment, potentially supporting further growth.
• Significant Share Buy-Backs: 59.67 million shares were repurchased in Q1, with treasury shares rising to 117.28 million.
• Borrowings: Group borrowings increased, with Islamic Medium Term Notes (SUKUK) drawdown boosted funding. Weighted average interest rate stood at 4.43%.
• Cash Position: Cash and bank balances increased sharply to RM691.54 million, up from RM533.06 million at year-end 2025.
• Strategic Partnerships and MOUs:
  • Collaboration with International Finance Corporation (IFC), World Bank Group’s private sector arm, expected to accelerate global expansion of Zetrix’s blockchain and AI offerings.
  • Multiple MOUs signed with major partners including Sarawak Digital Economy Corporation, MaiCapital (ETF for digital assets), Federation of Malaysian Freight Forwarders (ZTrade as National Single Window), Huawei Technologies, Singapore Trade Data Exchange Services, and Shenzhen Data Exchange Co. Ltd.
  • Potential new subsidiary carve-out and international listing (e.g., NASDAQ) under consideration, which could significantly boost global capital access.
• Dividend Proposal: Final dividend of 2.89 sen per ordinary share proposed for FY2025, up from 2.49 sen in FY2024 (pending AGM approval).

Shareholder Considerations & Price-Sensitive Information

• Growth in Web3 & Blockchain Revenue: The rapid expansion and monetisation of Zetrix blockchain services, especially internationally, represent a strong growth catalyst.
• Capital Raising & Deployment: Successful private placements and the allocation of substantial proceeds to blockchain and AI development—plus further funds remaining for deployment—signal continued investment in growth and innovation.
• Strategic Partnerships: The alliance with IFC (World Bank Group) and ongoing MOUs with global technology and financial players could be transformative, accelerating Zetrix AI’s global ambitions and possibly leading to a high-profile international listing.
• Share Buy-Back Activity: Aggressive buy-backs may signal management confidence and support for share price.
• Low Effective Tax Rate: Sustained tax incentives significantly enhance net profitability, but investors should monitor for changes in government policy.
• Dividend Growth: Increased dividend proposal is positive for income investors.
• Impairment Loss: Investors should note the RM9.10 million impairment relating to HeiTech Padu Berhad; while not material relative to earnings, it reflects exposure to market volatility.
• Potential International Listing: If Zetrix AI successfully spins out a subsidiary for listing on NASDAQ or similar, this could dramatically elevate global profile, capital access, and share value.

Operational and Financial Details

• Operating Expenses: Decreased by 41.4% YoY, improving operational leverage.
• Depreciation & Amortisation: Increased sharply (220.6% YoY), mainly due to higher development costs amortised.
• Cash Flows: Net cash from operating activities was RM215.20 million. Investing outflows were substantial (RM461.68 million), reflecting heavy investment in development costs, digital assets, and property/equipment.
• Segmental Information: Group operates a single business segment focused on E-Government and blockchain services. Revenue split: Malaysia (RM158.87 million), outside Malaysia (RM227.43 million).
• Corporate Actions: No material changes in group structure, contingent liabilities, or capital commitments.
• Litigation: No material litigation pending or ongoing.
• Profit Before Taxation: Arrived after charging/crediting various items, including fair value loss on investments, impairment gains/losses, and foreign exchange losses.
• EPS: Basic earnings per share improved to 3.5 sen (from 2.4 sen).

Growth Outlook

For FY2026, Zetrix AI plans to continue advancing its blockchain and AI initiatives. The Board is optimistic, especially with the IFC partnership and China ASEAN AI Lab, focusing on the convergence of blockchain, AI, and robotics tailored for worldwide markets. The possibility of spinning off projects for an international listing could be a game-changer, potentially unlocking substantial new capital and raising the company’s international profile.

Conclusion

Zetrix AI Berhad’s Q1 2026 performance reflects strong underlying growth, aggressive investment in innovative technologies, and the emergence of global partnerships. The combination of robust financials, strategic collaborations, and the potential for a high-profile international listing makes this report highly relevant for investors and could be a significant catalyst for share price movement.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Please consult a qualified financial advisor before making any investment decisions. The information is based on unaudited interim financial statements and may be subject to change.

Versi Bahasa Malaysia

Laporan Kewangan Zetrix AI Berhad Suku Pertama 2026: Analisis Terperinci untuk Pelabur

Maklumat Penting

• Peningkatan Pendapatan dan Keuntungan: Zetrix AI Berhad mencatat pendapatan suku tahunan tertinggi sebanyak RM386.30 juta untuk S1 FY2026, peningkatan 28.8% dari RM299.99 juta pada S1 FY2025. Keuntungan Selepas Cukai melonjak kepada RM271.11 juta, kenaikan 49.3%.
• Pemacu Pertumbuhan: Prestasi kukuh didorong oleh yuran perkhidmatan aplikasi web3 pada platform blockchain Zetrix termasuk Malaysia Blockchain Infrastructure (MBI), ZTrade, ZCert, aplikasi pengundian global, pendaftaran dan transaksi ID Digital, serta penjualan node lapisan-1 Zetrix.
• Kerugian Penurunan Nilai: PAT sebahagiannya diimbangi oleh kerugian penurunan nilai RM9.10 juta akibat amalan mark-to-market pelaburan dalam HeiTech Padu Berhad.
• Kadar Cukai Efektif: Kadar cukai efektif 0.15%, jauh lebih rendah daripada kadar rasmi Malaysia 24%, disebabkan insentif cukai kepada anak syarikat yang fokus pada pengkomputeran awan, blockchain, dan perkhidmatan sokongan/urus tadbir.
• Kedudukan Kewangan Kukuh: Jumlah aset meningkat kepada RM6.25 bilion (RM5.56 bilion pada 31 Disember 2025). Aset bersih setiap saham meningkat kepada 51.78 sen (dari 47.85 sen).
• Penempatan Swasta & Pengumpulan Modal:
  • Penyiapan dua tranche Penempatan Swasta 1 (jumlah RM323.59 juta dikumpul) dan tranche pertama Penempatan Swasta 2 (RM22.82 juta).
  • Modal digunakan untuk pembangunan infrastruktur blockchain dan AI; baki besar masih untuk digunakan, berpotensi menyokong pertumbuhan selanjutnya.
• Pembelian Balik Saham Besar: 59.67 juta saham dibeli semula pada S1, saham simpanan meningkat kepada 117.28 juta.
• Pinjaman: Pinjaman kumpulan meningkat dengan penambahan Islamic Medium Term Notes (SUKUK), kadar faedah purata 4.43%.
• Kedudukan Tunai: Tunai dan baki bank meningkat kepada RM691.54 juta (RM533.06 juta pada akhir 2025).
• Rakan Strategik dan MOU:
  • Kerjasama dengan International Finance Corporation (IFC), cabang sektor swasta Kumpulan Bank Dunia, dijangka mempercepatkan pengembangan global blockchain dan AI Zetrix.
  • Pelbagai MOU dengan rakan besar termasuk Sarawak Digital Economy Corporation, MaiCapital (ETF aset digital), Federation of Malaysian Freight Forwarders (ZTrade sebagai National Single Window), Huawei Technologies, Singapore Trade Data Exchange Services, dan Shenzhen Data Exchange Co. Ltd.
  • Potensi penubuhan anak syarikat baru dan penyenaraian antarabangsa (seperti NASDAQ) dalam perancangan, yang boleh meningkatkan akses modal dan nilai saham secara dramatik.
• Cadangan Dividen: Dividen akhir 2.89 sen setiap saham biasa dicadangkan untuk FY2025 (meningkat dari 2.49 sen FY2024, menunggu kelulusan AGM).

Perkara Penting untuk Pemegang Saham & Maklumat Sensitif Harga

• Pertumbuhan Pendapatan Web3 & Blockchain: Pengembangan pantas dan penjanaan pendapatan perkhidmatan blockchain Zetrix, terutamanya secara antarabangsa, menjadi pemacu utama pertumbuhan.
• Pengumpulan Modal & Penggunaan: Penempatan swasta yang berjaya dan penggunaan hasil kepada pembangunan blockchain dan AI—serta dana tambahan untuk pertumbuhan inovasi.
• Rakan Strategik: Kerjasama dengan IFC dan MOU dengan pemain teknologi dan kewangan global boleh menjadi transformasi, mempercepatkan cita-cita global Zetrix AI dan berpotensi membawa kepada penyenaraian antarabangsa yang berprofil tinggi.
• Pembelian Balik Saham: Aktiviti beli balik saham agresif menunjukkan keyakinan pengurusan dan sokongan kepada harga saham.
• Kadar Cukai Efektif Rendah: Insentif cukai berterusan meningkatkan keuntungan bersih, namun pelabur perlu memantau perubahan dasar kerajaan.
• Peningkatan Dividen: Cadangan dividen lebih tinggi positif untuk pelabur pendapatan.
• Kerugian Penurunan Nilai: Kerugian RM9.10 juta berkaitan HeiTech Padu Berhad perlu diperhatikan; walaupun tidak material, ia mencerminkan pendedahan kepada volatiliti pasaran.
• Potensi Penyenaraian Antarabangsa: Jika anak syarikat Zetrix AI disenaraikan di NASDAQ atau bursa setara, ini boleh meningkatkan profil global dan nilai saham secara signifikan.

Perincian Operasi dan Kewangan

• Perbelanjaan Operasi: Menurun 41.4% YoY, memperbaiki leverage operasi.
• Susut Nilai & Amortisasi: Meningkat dengan ketara (220.6% YoY), terutamanya disebabkan kos pembangunan yang lebih tinggi diamortisasi.
• Aliran Tunai: Aliran tunai bersih dari aktiviti operasi RM215.20 juta. Aliran keluar pelaburan besar (RM461.68 juta), meliputi kos pembangunan, aset digital, dan hartanah/peralatan.
• Maklumat Segmen: Kumpulan beroperasi dalam satu segmen perniagaan utama, fokus kepada perkhidmatan E-Kerajaan dan blockchain. Pecahan pendapatan: Malaysia (RM158.87 juta), luar Malaysia (RM227.43 juta).
• Tindakan Korporat: Tiada perubahan material dalam struktur kumpulan, liabiliti kontingen, atau komitmen modal.
• Litigasi: Tiada litigasi material.
• Keuntungan Sebelum Cukai: Termasuk pelbagai item, seperti kerugian nilai adil pelaburan, keuntungan/kerugian penurunan nilai, dan kerugian forex.
• EPS: Pendapatan sesaham asas meningkat kepada 3.5 sen (dari 2.4 sen).

Prospek Pertumbuhan

Untuk FY2026, Zetrix AI bertekad meneruskan inisiatif blockchain dan AI. Lembaga pengarah optimistik dengan kerjasama IFC dan China ASEAN AI Lab, menumpu kepada konvergensi blockchain, AI, dan robotik untuk pasaran global. Potensi spin-off dan penyenaraian antarabangsa boleh menjadi pemacu utama, membuka akses modal dan profil antarabangsa syarikat.

Kesimpulan

Prestasi S1 2026 Zetrix AI mencerminkan pertumbuhan kukuh, pelaburan agresif dalam teknologi inovatif, dan kemunculan rakan strategik global. Gabungan kewangan kukuh, kolaborasi strategik, dan potensi penyenaraian antarabangsa menjadikan laporan ini sangat relevan untuk pelabur dan boleh menjadi pemacu utama pergerakan harga saham.

Penafian

Artikel ini adalah untuk tujuan maklumat sahaja dan bukan nasihat pelaburan. Sila dapatkan nasihat kewangan daripada pakar sebelum membuat keputusan pelaburan. Maklumat berdasarkan penyata kewangan interim yang tidak diaudit dan tertakluk kepada perubahan.

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