JAG Berhad (“JAG” or the “Company”), a total waste management and resource recovery specialist, today announced a strong earnings for its first quarter ended 31 March 2026 (“Q1 FY2026”), underpinned by higher contribution from its core Total Waste Management (“TWM”) business, firmer precious metal selling prices and improved margin efficiency.
For Q1 FY2026, JAG recorded revenue of RM64.58 million, representing a 39.0% increase from RM46.47 million in the corresponding quarter of the preceding financial year. The Company returned to profitability with profit after tax (“PAT”) of RM5.37 million, compared to a loss after tax of RM6.43 million in Q1 FY2025. Basic earnings per share stood at 0.77 sen, compared to a loss per share of 0.88 sen previously.
The improved performance was principally driven by the Company’s TWM business, which remains JAG’s core earnings engine and accounted for 97.7% of total revenue during the quarter. Segment revenue from manufacturing and trading activities increased 41.5% year-on-year to RM63.09 million from RM44.60 million, mainly attributable to higher sales contribution from high value precious metals recovered and sold during the quarter. The segment also benefited from firmer market prices of key precious metals, particularly gold and silver, which supported stronger selling prices and contributed positively to profit margins.
On a quarter-on-quarter basis, JAG demonstrated a significant uplift in profitability despite a 7.2% moderation in revenue from RM69.61 million in Q4 FY2025 to RM64.58 million in Q1 FY2026. PAT surged more than fivefold to RM5.37 million from RM1.07 million, reflecting stronger margin conversion and improved operating leverage within the Group’s core business.
Dato’ Ng Meow Giak, the Executive Director of JAG Berhad, commented, “Q1 FY2026 marks an important earnings inflection point for JAG. The return to profitability reflects the resilience of our core Total Waste Management platform, our ability to monetise higher-value recovered materials, and the stronger contribution from favourable precious metal pricing dynamics. More importantly, the results demonstrate the scalability of our recovery and refining ecosystem when supported by disciplined cost management and higher-value material throughput.”
The Company also recorded notable improvements across its non-core segments. The lifestyle and services segment narrowed its loss significantly to RM 0.05 million from RM 0.49 million in Q1 FY2025, mainly following the disposal of the gelato business in FY2025 and continued cost control measures. Meanwhile, the property investment and development segment recorded revenue growth of 55.2% to RM0.59 million, driven by improved tenancy rates at Wisma JAG.
In line with the improved earnings performance, JAG declared a first interim single-tier dividend of RM0.002 per ordinary share, amounting to approximately RM1.40 million for the financial year ending 31 December 2026. The dividend was declared on 22 May 2026 and is payable on 25 June 2026.
Dato’ Ng added, “Our dividend declaration reflects the Board’s confidence in the Company’s improving earnings trajectory, while maintaining a prudent approach to capital allocation. In line with this, the Board has formalised a dividend policy framework to support a more structured and sustainable approach towards future shareholder returns, with the Group targeting a dividend payout of up to 30% of profit after tax (“PAT”). Moving forward, our focus remains on enhancing sourcing capabilities, developing and expanding new stream of income within TWM, deepening downstream recovery capabilities and strengthening the quality of our product output. These initiatives are central to building a more resilient, higher margin and sustainability driven resource recovery business.”
Looking ahead, JAG remains confident on its prospects for FY2026, supported by improving business fundamentals, sustained precious metal price strength and ongoing downstream processing initiatives. The Company expects the TWM segment to remain its principal revenue and profit contributor, while targeted investments in sourcing capabilities, production capacity, process efficiency and relevant technologies are expected to strengthen its long term competitiveness.
