PENANG: Main Market-listed leading insulation producer in Southeast Asia, PGF Capital Bhd recorded revenue of RM130.1 million for the nine-month (9M) period ending November 30, 2025 (FY26), representing a 7.3% year-on-year (YoY) increase from RM121.3 million posted in the same period last year.
The positive earnings were driven primarily by steady demand for insulation products, particularly from its core Oceania markets.
Profit before tax (PBT) stood at RM26.9 million, broadly in line with 9M FY25’s RM27.0 million, as the group recorded a mark-to-market unrealised loss of RM2.54
million on cross-currency swap facilities (MTM unrealised loss) secured to finance the Insulation segment’s expansion plan, along with a foreign exchange loss of RM1.22 million.
Profit after tax (PAT) came in at RM18.0 million during the period under review, compared with RM20.0 million in 9M FY25.
For Q3 FY26, the group posted revenue of RM44.1 million, up 14.8% from RM38.4 million in Q3 FY25.
PBT for the quarter rose to RM8.7 million from last year’s RM8.4 million, supported by stable operating performance and operational efficiencies, partially offset by the MTM unrealised loss.
The Insulation segment remained PGF Capital’s principal revenue contributor, accounting for more than 99.0% of total revenue for 9M FY26.
Segment revenue increased to RM129.7 million from RM120.3 million recorded last year, underpinned by stable demand from Australia and New Zealand.
Segment PBT rose to RM32.5 million compared to last year’s RM31.4 million, reflecting operational efficiencies despite currency-related impacts.
Executive director and group CEO Fong Wern Sheng said the company remains positive on prospects in FY26, as demand across the core markets of Australia and New Zealand continues to be supported by regulatory requirements, housing-related initiatives, and energy efficiency programmes.
“In Malaysia, energy efficiency regulations and policy measures announced under Budget 2026, together with carbon pricing mechanisms and green financing incentives, are expected to support broader adoption of insulation solutions, particularly among commercial and industrial users.
“In addition, continued public sector infrastructure development across the transport and utility sectors is expected to provide additional medium-term support for construction activity, which in
turn would underpin demand for building-related products,” he said in a statement.
The group also sees encouraging prospects for its mineral wool sandwich panels, which are positioned for high-performance applications such as data centres, following certification by SIRIM and BOMBA.
The group’s operations are supported by a solid balance sheet, with a net gearing ratio of 0.32x and net assets per share of RM1.43 as at November 30, 2025.
