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Although profit was 20% lower than the preceding quarter (Oct–Dec 2025), this reflects normal seasonality, as advertising spending is typically strongest during the year-end festive period before moderating in the first quarter. Importantly, the business remains highly cash generative, producing RM17.1 million in net operating cash flow over the nine-month period, highlighting the strength and sustainability of its operating model.
OPHM revenue nearly doubled, but the GP margin fell from 59.6% to 48.0% due to a shift toward higher-volume, lower-margin products. Despite the margin decline, total profit increased as stronger sales volume more than compensated for the lower margins.
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.
Small improvement in the bottom line is definitely a better sign than bleeding out cash continuously. Still need to watch if they can actually turn a profit instead of just slowing down the losses.
Faster revenue recognition confirm helps their cash flow position nicely. If the project delivery steady then the margins should see some decent expansion for the coming quarters