Condensed Consolidated Income Statements

Condensed Consolidated Statement Of Financial Position

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

The Group recorded revenue of RM1.81 billion for the current quarter, representing an increase of 4% compared with the corresponding quarter, while profit before tax (“PBT”) rose by 12% to RM150.4 million. For the financial year-to-date, revenue remained stable at RM7.05 billion, while PBT decreased by 4% to RM639.6 million. The segmental performance is set out below:

1. For the current quarter, MPM's revenue increased by 10% compared with the corresponding quarter, mainly driven by improved performance in fishing and aquaculture activities, alongside stable contribution from surimi-based products. This was partially offset by lower sales volumes of fishmeal and surimi, notwithstanding higher average selling prices.

   PBT increased by 30% compared with the corresponding quarter, primarily due to improved margins across all business segments except surimi, supported by higher production volumes and better selling price.

   Cumulative revenue decreased by 2%, mainly due to weaker performance in fishmeal and surimi.

   Despite weaker performance in fishmeal and surimi, cumulative PBT decreased marginally, partially offset by recovery in fishing and aquaculture activities and improved volume and margins in surimi-based products.

2. ILF’s current‑quarter revenue increased by 3% compared with the corresponding quarter, mainly driven by higher feed raw material trading volume albeit at lower unit prices.

   However, PBT decreased by 31%, mainly attributable to weaker performance of layer farming operations in Peninsular Malaysia arising from lower egg prices and removal of egg subsidy effective 1 August 2025. This was partially mitigated by recovery in Indonesia farming operations and stronger contribution from feed raw material trading.

   Cumulative revenue was marginally lower, reflecting similar trends observed in the current quarter revenue.

   Cumulative PBT declined by 6%, mainly attributable to weaker performance of layer farming operations in Peninsular Malaysia following the full removal of egg subsidies effective 1 August 2025.

3. CVS' current quarter revenue increased marginally by 2% compared with the corresponding quarter. Despite a net increase of 45 stores and 37 FM Mini, the growth was weak mainly due to lower average store sales, impacted by soft consumer sentiment, competition in the food and beverage segment, and exclusion from the Sumbangan Asas Rahmah (“SARA”) programme.

   PBT decreased marginally by 1%, due to higher operating cost but partially mitigated by improved operational efficiencies.

   Cumulative revenue increased by 3%, mainly driven by store expansion, albeit tempered by lower average store sales arising from the same factors affecting quarterly performance.

   Cumulative PBT declined by 23%, due to margin compression.

4. POCE’s current‑quarter revenue increased by 3% compared with the corresponding quarter, mainly driven by higher project delivery from the bio-energy and water treatment divisions under BM Greentech. This was partially offset by weaker performance of palm oil activities due to lower CPO prices.

   PBT increased by 60%, mainly attributable to stronger project contributions as well as gains arising from the disposal of a parcel of Tawau oil palm estate land.

   Cumulative revenue were 4% higher than the corresponding period, largely attributable to higher project delivery under the bio-energy and water treatment divisions under BM Greentech.

   Cumulative PBT increased by 6%, in line with improved project performance and gains arising from the disposal of a parcel of Tawau oil palm estate land.

Review of current quarter performance with the preceding quarter

For the current quarter, the Group recorded revenue of RM1.81 billion, broadly in line with the preceding quarter, while PBT decreased by 15% to RM150.4 million. The segmental performance is set out below:

1. MPM's current quarter revenue decreased by 9% compared with the preceding quarter, mainly due to seasonal factors.

   PBT declined by 21%, primarily due to lower contribution from fishmeal and surimi following reduced sales volumes seasonally, but partially mitigated by improved average selling prices.

2. ILF's current quarter revenue increased by 2% compared with the preceding quarter, mainly contributed by higher feed raw material trading volume, which helped to mitigate weaker sales performance from layer farming operations in Peninsular Malaysia and Vietnam.

   PBT decreased significantly by 56%, mainly attributable to lower egg price cycle, which adversely impacted margins in layer farming operations across Peninsular Malaysia and Vietnam.

3. CVS's revenue decreased by 2% compared with the preceding quarter, despite a net increase of 8 stores and 5 FM Mini, mainly due to lower average store sales amid soft consumer sentiment and continued market competitive pressures.

   PBT increased by 82%, driven by tighter cost management and improved operational efficiencies, resulting in margin recovery.

4. POCE's revenue increased by 13% compared with the preceding quarter, mainly due to higher project delivery under BM Greentech that partially offset by lower CPO prices and lower CPO sales tonnage delivery.

   PBT increased significantly by 108%, mainly attributable to improved project margins under BM Greentech and gains arising from the disposal of a parcel of Tawau oil palm estate land.

Prospects for the new financial year 2027

The global economic outlook for 2026 remains uncertain and continues to evolve structurally, driven by ongoing trade fragmentation, the United States's tariff policy and geopolitical tensions, particularly in the Middle East. These factors are expected to persist in disrupting global supply chains, moderating investment flows and contributing to foreign exchange and energy price volatility.

Domestically, Malaysia’s GDP growth is projected at 4.0% to 5.0%, moderating from 2025 levels but supported by resilient domestic demand and sustained investment activity. Inflation is expected to remain manageable at 1.5% to 2.5%, notwithstanding potential cost pressures arising from global commodity markets.

Against this backdrop, the Group’s staple food-related businesses are expected to remain sensitive to weakening of consumer sentiment and further subsidy rationalisation. ILF is expected to face margin pressure following the full removal of egg subsidies and ongoing production normalisation in Malaysia. MPM outlook remains cautiously positive, supported by cost efficiency and steady export demand, which are expected to sustain margin. CVS will continue its measured expansion strategy, focusing on operational efficiency enhancement, with emphasis on value and convenient product offerings.

The Group’s exposure to staple food and green energy solutions provides a degree of earnings resilience, with BM Greentech well positioned to benefit from opportunities under the National Energy Transition Roadmap and water treatment solutions from data centers. Therefore, Management remains optimistic on overall performance and will continue to prioritise operational efficiency, cost optimisation, disciplined capital allocation and selective investments in technology and growth segments to sustain medium and long-term value creation.