KUALA LUMPUR: ACE market-bound surface decorative products company Topmix Bhd posted a net profit of RM2.8 million on the back of RM21.6 million in revenue for the fourth quarter (Q4) ended December 31, 2023 (FY23).
This is the first interim financial report announced in compliance with the ACE Market Listing Requirements of Bursa Malaysia.
There are no comparative figures for last year’s quarter as no financial report was made.
For FY23, Topmix recorded revenue of RM72.7 million, with high-pressure laminate (HPL) products accounting for 94.4 per cent of this total.
The remaining revenue was contributed by the sales of other surface decorative products (5.1 per cent) and kitchen and wardrobe accessories (1 per cent).
In tandem with the topline growth, gross profit (GP) was RM26.0 million, translating into a healthy GP margin of 35.8 per cent.
As for the bottom line, net profit stood at RM8.4 million in FY23.
Managing director Teo Quek Siang said that looking ahead, Topmix remains confident in its future prospects as it focuses on executing growth strategies and reinforcing its market position in the surface decorative products industry.
“With the anticipated proceeds of RM25.6 million from our listing, we are initiating our expansion strategies to strengthen Topmix’s market reach further.
“Moving forward, Topmix will expand into the assembly of melamine-faced chipboard (MFC) products, extend our footprint to the northern region of Peninsular Malaysia, increase warehouse capacity in the central region, and enhance our Topmix HPL mobile application,” he said in a statement.
Teo said these initiatives are well-aligned with the recovery and growth of residential and commercial property markets, bolstering demand for surface decorative products.
“The positive outlook is further supported by the growing affluence of the population and preference for personalised spaces,” he said.
Topmix is slated to be listed on the ACE market on April 23, 2024.
Upon listing, Topmix will have a market capitalisation of RM122.1 million, calculated based on the issue price of RM0.31 per share and the enlarged issued share capital of 393.9 million shares.
