Adnex Group Berhad (“Adnex” or the “Group”), an interior fit-out services provider, today announced its financial results for the second quarter ended 30 June 2026 (“Q2 FYE2026”).
For Q2 FYE2026, Adnex recorded revenue of RM29.12 million, while profit before tax (“PBT”) stood at RM4.62 million and profit after tax (“PAT”) came in at RM3.51 million. Revenue for Q2 FYE2026 was mainly contributed by the Group’s interior fit-out works segment, which generated RM24.45 million, representing 83.96% of total revenue. The turnkey fit-out services segment contributed RM4.67 million, or 16.04% of total revenue. Gross profit (“GP”) for the quarter stood at RM8.01 million, translating into a gross profit margin of approximately 27.50%. Compared with the immediate preceding quarter, revenue increased by 6.93% from RM27.24 million, while PBT and PAT rose significantly by 479.05% and 500.86%, respectively, from RM0.80 million and RM0.58 million.
The stronger reported earnings partly reflected the absence of RM3.06 million one-off listing expenses incurred in Q1 FYE2026. Excluding these non-recurring expenses, Q1 FYE2026 would have recorded an adjusted PBT of RM3.86 million. Against this adjusted figure, PBT for Q2 FYE2026 increased by approximately 19.65%, while PBT margin improved to approximately 15.85% in Q2 FYE2026, compared with an adjusted PBT margin of approximately 14.16% in the preceding quarter, demonstrating continued improvement in the Group’s underlying operating performance.
For the six-month financial period ended 30 June 2026, Adnex recorded cumulative revenue of RM56.36 million, PBT of RM5.41 million and PAT of RM4.09 million. Excluding the RM3.06 million in one-off listing expenses incurred during Q1 FYE2026, adjusted PBT for the six-month period would have amounted to RM8.47 million.
The Board of Directors of Adnex had also declared a single-tier interim dividend of 0.50 sen per share in respect of the financial year ending 31 December 2026, amounting to RM2.50 million, which was paid on 10 July 2026.
Mr. Kan Wai Chun, Managing Director of Adnex commented, “Q2 FYE2026 represents our first full financial quarter as a listed company, and we are encouraged by the continued improvement in our underlying performance. While the significant increase in reported earnings partly reflects the absence of the one-off listing expenses incurred in the preceding quarter, this demonstrates that the improvement was supported by stronger operating performance as we continue to scale our project execution.”
In conjunction with its initial public offering (“IPO”), Adnex raised gross proceeds of RM18.10 million. As at 30 June 2026, RM6.18 million had been utilised, leaving RM11.92 million available. The remaining proceeds comprise RM6.11 million earmarked for business expansion, RM3.00 million for performance bonds required for interior fit-out projects, RM2.45 million for working capital and RM0.36 million for the repayment of bank borrowings. The Group also maintained a low gearing ratio, which improved from 0.56 times as at 31 December 2025 to 0.21 times as at 30 June 2026, primarily due to the repayment of borrowings using IPO proceeds and the increase in shareholders’ equity following the IPO. This reflects Adnex’s strengthened balance sheet and lower reliance on debt financing.
Mr. Kan added, “Our remaining IPO proceeds provide us with greater flexibility to support working capital requirements and the upfront costs associated with larger projects. Coupled with our asset-light business model and low gearing position, we are able to scale our project execution capacity without significant capital expenditure while maintaining greater operational and financial flexibility. We intend to deploy these resources prudently as we expand our operational capacity, pursue new project opportunities and progressively strengthen our project pipeline.”
Subsequent to the quarter under review, Adnex further strengthened its project portfolio after securing a RM10.96 million interior design and fit-out project for Hilti Asia IT Services Sdn. Bhd. at Sunway Square Corporate Tower 1. The latest win further strengthens Adnex’s growing portfolio of multinational corporate clients and reinforces the Group’s track record in securing sizeable corporate fit-out projects.
Moving forward, the Group remains optimistic about its prospects, supported by continued demand for interior fit-out services arising from commercial and industrial property growth as well as domestic and foreign investments into Malaysia. These trends are expected to continue supporting demand for the establishment, relocation, refurbishment and upgrading of offices, commercial premises and operating facilities. As part of its market expansion strategy, the Group incorporated Adnex Singapore Pte. Ltd. on 3 July 2026, with its principal business activities aligned with those of Adnex Interior Solution Sdn. Bhd. The incorporation marks a further step in strengthening the Group’s presence and pursuing business opportunities in the regional market. At the same time, Adnex continues to progress its growth plans, including the expansion of its corporate office in Shah Alam, strengthening its workforce, establishing a presence in Penang, Johor and Sabah, enhancing its digital infrastructure, and pursuing growth opportunities in the Philippines and Indonesia.
