HeveaBoard Berhad Q1 2026 Results: Deepening Losses, Weaker Revenue, and Tightening Cash
Key Highlights from the First Financial Quarter Ended 31 March 2026
- Revenue declined sharply by 14.4% to RM67.84 million from RM79.26 million in the same period last year.
- Gross loss of RM5.95 million, a reversal from last year’s gross profit of RM3.53 million.
- Net loss attributable to equity holders surged over 5 times to RM12.16 million from RM2.38 million in Q1 2025.
- Operating cash flow turned even more negative at -RM12.21 million (Q1 2025: -RM2.85 million).
- Cash and bank balances depleted by RM20 million during the quarter, ending at RM51.55 million (Q4 2025: RM71.51 million).
- Net assets per share declined to RM0.61 (Q4 2025: RM0.64).
- Retained profits shrank further to RM187.90 million from RM200.07 million at the end of 2025.
- Trade and other payables reduced significantly, indicating possible working capital adjustments.
Detailed Financial Performance
HeveaBoard Berhad’s first quarter of 2026 saw a substantial decline in financial performance. Revenue slid by 14.4% year-on-year to RM67.84 million, reflecting weaker market demand or pricing pressure. The company moved from a gross profit of RM3.53 million in Q1 2025 to a gross loss of RM5.95 million this quarter, highlighting significant pressure on margins. Despite a marginal reduction in cost of sales (-2.6%), the drop in revenue had a greater impact.
Other income also nearly halved to RM664,000 (Q1 2025: RM1.18 million), while operating expenses remained relatively stable at RM6.52 million. Finance costs declined to RM264,000, but this was insufficient to offset the broad decline in earnings. The loss before tax ballooned to RM12.08 million, a more than fivefold increase from a loss of RM2.16 million in the corresponding period. After minimal taxation, the net loss for the period was RM12.11 million, mostly attributable to shareholders.
The company’s basic loss per share widened significantly to 2.14 sen, from 0.42 sen previously.
Balance Sheet and Cash Flow Concerns
At quarter-end, total assets stood at RM419.69 million, down from RM444.23 million, reflecting a contraction in cash and current assets. Inventories were relatively stable, but trade receivables and other receivables fell, possibly due to weaker sales and tighter credit terms.
Most notable was the significant cash outflow: cash and bank balances dropped by RM19.96 million during the quarter, ending at RM51.55 million. The company’s negative operating cash flow (-RM12.21 million) and higher capital expenditure (RM7.65 million on property, plant and equipment) contributed to this drain. Current liabilities were also reduced, especially trade and other payables.
Net assets per share attributable to ordinary equity owners slipped to RM0.61.
Equity and Dividend Position
Total equity attributable to shareholders decreased to RM346.50 million, from RM358.67 million at the end of 2025, primarily due to the quarterly loss. The company paid out a dividend in 2025 (RM5.66 million), but there is no mention of a dividend for the current quarter.
Risks and Potential Price-Sensitive Issues for Shareholders
- Sharp deterioration in profitability and operating cash flow could raise concerns about the company’s ability to sustain operations and pay future dividends.
- Significant depletion of cash reserves could impact the group’s financial flexibility and ability to fund future investments or absorb further shocks.
- Ongoing losses and reduced net asset value per share may put downward pressure on the company’s share price in the near term.
- Management’s next steps to address revenue shortfalls, cost controls, and cash conservation will be closely watched by the market.
Conclusion
HeveaBoard Berhad’s Q1 2026 results signal a challenging year ahead. Declining revenue, widening losses, and rapidly shrinking cash reserves are critical issues for shareholders. The company will need to take decisive action to restore profitability and preserve value. Investors should monitor management’s updates and any strategic changes closely, as these could be material to the company’s future prospects and the share price.
Disclaimer: This article is for information purposes only and does not constitute investment advice. Investors should do their own research or consult a licensed financial adviser before making investment decisions.
HeveaBoard Berhad Q1 2026: Prestasi Lemah, Kerugian Meningkat, Rizab Tunai Menyusut
Sorotan Utama Suku Pertama Kewangan Berakhir 31 Mac 2026
- Hasil merosot 14.4% kepada RM67.84 juta berbanding RM79.26 juta tempoh sama tahun lalu.
- Kerugian kasar RM5.95 juta, berbanding keuntungan kasar RM3.53 juta tahun lalu.
- Kerugian bersih kepada pemegang saham meningkat lebih 5 kali ganda kepada RM12.16 juta dari RM2.38 juta (Q1 2025).
- Aliran tunai operasi lebih negatif pada -RM12.21 juta (Q1 2025: -RM2.85 juta).
- Tunai & baki bank susut RM20 juta, kini RM51.55 juta (Q4 2025: RM71.51 juta).
- Aset bersih sesaham menurun ke RM0.61 (Q4 2025: RM0.64).
- Keuntungan tertahan susut ke RM187.90 juta dari RM200.07 juta akhir 2025.
- Hutang dagangan & lain-lain berkurang ketara, menandakan perubahan modal kerja.
Prestasi Kewangan Terperinci
Suku pertama 2026 menunjukkan kemerosotan ketara prestasi kewangan HeveaBoard Berhad. Hasil merosot 14.4% tahun ke tahun kepada RM67.84 juta, menandakan permintaan pasaran lemah atau tekanan harga. Syarikat beralih dari keuntungan kasar RM3.53 juta (Q1 2025) kepada kerugian kasar RM5.95 juta, memberi tekanan besar kepada margin.
Pendapatan lain juga hampir separuh kepada RM664,000 manakala perbelanjaan operasi stabil pada RM6.52 juta. Kos kewangan turun sedikit, namun tidak mampu mengimbangi kejatuhan hasil. Kerugian sebelum cukai melonjak kepada RM12.08 juta, lebih 5 kali ganda berbanding kerugian RM2.16 juta sebelumnya. Selepas cukai, kerugian bersih adalah RM12.11 juta, sebahagian besarnya kepada pemegang saham.
Kerugian sesaham asas meningkat ketara kepada 2.14 sen dari 0.42 sen.
Neraca dan Aliran Tunai
Pada akhir suku, jumlah aset RM419.69 juta, turun dari RM444.23 juta, mencerminkan penyusutan tunai dan aset semasa. Inventori stabil, namun penghutang dagangan dan lain-lain berkurang, mungkin akibat jualan lemah dan syarat kredit ketat.
Paling ketara, aliran keluar tunai besar-besaran: baki tunai dan bank turun RM19.96 juta, kini RM51.55 juta. Aliran tunai operasi negatif (-RM12.21 juta) dan perbelanjaan modal tinggi (RM7.65 juta) menyumbang kepada penyusutan ini. Liabiliti semasa juga berkurang, terutama hutang dagangan dan lain-lain.
Aset bersih sesaham menurun kepada RM0.61.
Kedudukan Ekuiti & Dividen
Ekuiti kepada pemegang saham turun kepada RM346.50 juta dari RM358.67 juta hujung 2025, akibat kerugian. Syarikat membayar dividen pada 2025 (RM5.66 juta), namun tiada dividen diumumkan untuk suku ini.
Risiko & Perkara Sensitif Harga untuk Pemegang Saham
- Kemerosotan ketara keuntungan & aliran tunai operasi boleh menimbulkan kebimbangan tentang keupayaan syarikat meneruskan operasi & membayar dividen masa depan.
- Penyusutan besar rizab tunai boleh menjejaskan fleksibiliti kewangan & pelaburan masa depan.
- Kerugian berterusan & nilai aset bersih sesaham yang menurun mungkin memberi tekanan ke bawah kepada harga saham.
- Tindakan pengurusan seterusnya untuk menangani kejatuhan hasil, kawalan kos & penjimatan tunai akan dipantau rapat oleh pasaran.
Kesimpulan
Keputusan Q1 2026 HeveaBoard Berhad menunjukkan tahun yang mencabar. Hasil menurun, kerugian melebar & rizab tunai menyusut adalah isu kritikal. Syarikat perlu bertindak segera untuk memulihkan keuntungan & memelihara nilai. Pelabur wajar memantau sebarang pengumuman pengurusan dengan teliti kerana ia boleh memberi impak kepada prospek & harga saham.
Penafian: Artikel ini untuk tujuan maklumat sahaja dan bukan nasihat pelaburan. Pelabur dinasihatkan membuat kajian sendiri atau berunding dengan penasihat kewangan berlesen sebelum membuat keputusan pelaburan.
