Condensed Consolidated Income Statements

Condensed Consolidated Statement Of Financial Position

Review of performance for the current quarter and financial period to-date

1. MPM's current quarter sales were marginally higher than the corresponding quarter due to higher fishmeal sales volume albeit at a substantially lower unit price helped to mitigate weaker performance of fishing and surimi-based products which was affected by lower unit selling price.

   Despite improved margin for surimi contributed by higher sales volume and lower input cost, earnings were 16% lower than the corresponding quarter mainly due to margin erosion in all other activities caused by lower unit selling price affected by weak market sentiment.

   Despite better performance of surimi and surimi-based products supported by higher sales volume, cumulative sales were flat mainly due to weak performance of fishing, fishmeal and aquaculture activities.

   Cumulative earnings decreased by 12% mainly due to the same reasons as the quarterly earnings.

2. ILF's current quarter sales were flattish against the corresponding quarter mainly due to substantially higher sales volume for feed raw materials trading albeit at lower unit price which helped to mitigate weaker performance of layer and broiler operations affected by lower selling price.

   Despite weaker performance of broiler and layer operations affected by lower selling price caused by subdue demand albeit at lower feed cost, earnings were 19% higher than the corresponding quarter mainly due to substantially higher feed raw material trading volume with better margin.

   Cumulative sales increased by 5% against the corresponding period mainly due to the same reasons as the quarterly sales.

   Despite weaker performance of broiler operations, cumulative earnings increased 16% against the corresponding period mainly due to strong performance of feed raw material trading and Malaysia's layer operations helped by lower feed cost as well as improved performance of Indonesia operations.

3. Despite net increase of 50 stores and 50 FM Mini and flat average store sales, CVS's current quarter sales increased by 8% only against the corresponding quarter mainly due to lower non-store sales.

   Earnings were 7% lower against the corresponding quarter mainly due to higher operating expenses with minimum wage hike and store rental increase

   Cumulative sales increased by 12% against the corresponding period mainly due to net increase of store opening as well as improved average store sales in the first quarter from initial EPF Account 3 withdrawal.

   Cumulative earnings increased by 6% against the corresponding period mainly driven by overall higher average store sales but was partly eroded by higher operating expenses.

4. POCE's current quarter sales were 40% higher than the corresponding quarter mainly due to results consolidation of the newly acquired Plus Xnergy Holdings and more solar project delivery under BM Greentech as well as better performance of palm oil activities attributed to substantially higher CPO price.

   Despite higher project progress and margin at BM Greentech as well as improved margin recorded at palm oil activity helped by substantially higher CPO price, earnings were marginally lower than the corresponding quarter mainly due to disposal gain of Tawau mill reported in Q4 FY2024.

   Cumulative sales were 17% higher than the corresponding period mainly due to the same reasons as the quarterly sales.

   Cumulative earnings were significantly higher than the corresponding period mainly due to higher project progress and better margin for Bio-energy projects at BM Greentech as well as palm oil activity helped by higher CPO price even with the disposal gain of Tawau mill reported in the corresponding period.

Review of current quarter performance with the preceding quarter

1. MPM's current quarter sales decreased by 10% against the preceding quarter mainly due to seasonal factor where fishing activities were halted with the onset of monsoon as well as weaker performance of all other activities affected by weak global and domestic market sentiment.

   Earnings were 38% below the preceding quarter mainly due to margin erosion with lower sales volume.

2. ILF's current quarter sales decreased marginally against the preceding quarter mainly due to lower egg selling price and sales volume affected by fasting month.

   Earnings were down 38% against the preceding quarter mainly due to weak performance of all activities, especially lower egg selling price during fasting month in Malaysia as well as post festive low demand in Vietnam.

3. Despite net increase of 14 stores and 8 FM Mini, CVS's current quarter sales decreased marginally against the preceding quarter mainly due to decline in average store sales affected by shorter February month and fasting period.

   Despite marginally lower sales, CVS had been able to maintain its earnings

4. POCE's current quarter sales increased by 10% against the preceding quarter mainly due to full quarter results consolidation of the newly acquired Plus Xnergy Holdings by BM Greentech as well as stable performance of palm oil activities contributed by high CPO price.

   Similarly, earnings increased by 8% in line with higher sales.

Prospects for the new financial year 2026

Bank Negara Malaysia expects 2025 GDP to expand between 4.5% to 5.5%, supported by strong domestic demand, backed by full employment and income growth, Budget 2025 stimulus measures, robust investment and a diversified economy. Downside risk primarily stems from external uncertainties caused by United States' reciprocal tariffs which will lead to tighter trade policies and disrupt investment and spending as well as foreign currency volatility.

The Group's core businesses are food related which are generally sensitive to consumer sentiment and changes in government policy, including tax and subsidy scheme. The current economic uncertainty will likely to affect investment and consumer spending adversely. Amid improved egg supply, ILF segment profitability is expected to be lower from the subsidy rationalization in phases effective 1 May and zero subsidy from 1 August 2025. The outlook for MPM is neutral to positive as the surimi based products are expected to benefit from low input cost and increased export demand with its relatively competitive position under the current tariff structure. The CVS will continue to open new stores especially those underserved areas and plan to introduce more local delicacies which offer good value for consumers at large.

Through our listed subsidiary BM Greentech and its enhanced capabilities following the acquisition of Plus Xnergy, we are well positioned to capitalize the growth opportunities and play an important role in Malaysia’s National Energy Transition Roadmap (“NETR") initiatives.

With our core businesses dealing with basic foods and green energy solution, the management nevertheless remains cautiously optimistic that the Group's business performance will remain resilient for the new financial year notwithstanding continued uncertainty in the regional economies and Malaysia egg subsidy rationalization. We will stay focus in driving operational efficiency and making new strategic investment including technology to achieve sustainable growth.