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ADNEX demonstrated resilient performance despite a RM3.06 million one-off listing expense that weighed on reported profit, while its adjusted PBT margin remained strong at 14.20%. Revenue stayed stable with slight quarter-on-quarter growth despite a seasonally softer Q1, and the IPO significantly strengthened the balance sheet, boosting total equity to RM35.00 million and cash reserves to RM21.85 million. Interior Fit-out Works remained the main revenue contributor at 75.31%, followed by Turnkey Fit-out Services at 24.69%
That one-off listing cost really makan into the profit but the core business still steady lah. With that much cash in the bank now, they have solid runway to bid for bigger projects moving forward.
Listing fee one time only so no need kanchiong too much because the fundamentals still solid. As long as they deploy that cash for high margin jobs, confirm share price will slowly grow