Pioneer Heat Holdings Berhad (“Pioneer Heat” or the “Group”), a mechanical engineering services provider with core expertise in piping system engineering and related specialised services, today announced its unaudited financial results for the first quarter ended 30 June 2026 (“1QFY2027”), recording revenue of RM29.65 million and profit before tax (“PBT”) of RM4.11 million. Profit after tax (“PAT”) stood at RM2.83 million.
For the quarter, Pioneer Heat recorded gross profit of RM7.32 million, translating into a gross profit margin of approximately 24.7%. PBT margin stood at approximately 13.9%, while PAT margin was approximately 9.5%. As this is the Group’s first interim financial report announced in compliance with the ACE Market Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities”), there are no comparative figures for the preceding corresponding quarter or immediate preceding quarter.
The provision of mechanical engineering services remained the Group’s main revenue contributor, generating RM23.81 million or approximately 80.3% of 1QFY2027 revenue. This comprised RM22.85 million from piping system engineering and RM0.96 million from related specialised services. Civil engineering projects contributed the remaining RM5.84 million, or approximately 19.7% of revenue.
Mr. Wong Wei Ken, Chief Executive Officer and Executive Director of Pioneer Heat Holdings Berhad, said, “Our first reported quarterly results provide a clear view of the earnings contribution from our core mechanical engineering activities. We have built Pioneer Heat around technical capabilities that support industrial plants across new construction, maintenance, scheduled turnarounds, modifications and refurbishment works. As we approach our listing, our focus remains on disciplined project execution, service quality and building the capacity needed for the next phase of growth.”
Looking ahead, the Group remains cautiously optimistic on its prospects for the remaining financial year and continues to pursue opportunities in the oil and gas, petrochemical and utility industries. Pioneer Heat’s subsidiaries have also obtained PETROS Vendor Registration Certificates with the relevant Petroleum Sarawak Licence & Work Category codes, enabling the Group to participate in quotation and tender opportunities with PETROS and its related corporations within the approved scope of work.
The Group is expected to raise gross proceeds of RM21.68 million from its public issue. The proceeds are intended to support the establishment of the New Sendayan HQ and New Sarawak Office, the purchase of additional machinery and equipment, working capital requirements and estimated listing expenses.
Mr. Wong Wei Ken added, “The expansion plans are a direct extension of our existing operating platform. The New Sarawak Office will bring us closer to opportunities in East Malaysia, while the New Sendayan HQ and additional machinery and equipment will strengthen our operating capacity and technical capabilities. We believe these investments will place Pioneer Heat in a stronger position to pursue larger and more diverse project opportunities over time.”
Pioneer Heat Holdings Berhad is scheduled to be listed on the ACE Market of Bursa Securities on 17 September 2026.
Malacca Securities Sdn. Bhd. is the Principal Adviser, Sponsor, Underwriter and Placement Agent for this IPO.
