KUALA LUMPUR (April 18): Surface decorative products company Topmix Bhd reported RM2.84 million net profit on the back of RM21.64 million revenue for the fourth quarter ended Dec 31, 2023 (4QFY2023), ahead of its listing on Bursa Malaysia’s ACE Market.

For the full FY2023, Topmix registered RM8.39 million net profit on the back of RM72.68 million revenue mainly due to the sales of high pressure laminate (HPL) products which represented 95.15% of the total revenue. In line with the top line growth, gross profit (GP) came in at RM26 million, translating into a healthy GP margin of 35.8%, according to the company’s statement.

There are no comparative figures for the preceding corresponding quarter and year as this marks the first interim financial report in accordance with ACE Market listing requirements. Topmix’s IPO has been oversubscribed 58.61 times by the Malaysian public.

Upon its listing on April 23, the company will have a market capitalisation of RM122.1 million based on the issue price of 31 sen and the enlarged share capital of 393.9 million shares.

Looking ahead, Topmix managing director Teo Quek Siang said the company remains confident in its future prospects in the surface decorative products industry.

“With the anticipated proceeds of RM25.6 million from our listing, we are initiating our expansion strategies to further strengthen Topmix’s market reach. Moving forward, our group 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.

“These initiatives are well-aligned with the recovery and growth in the 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 concluded.