KUALA LUMPUR (June 19): Cuckoo International (MAL) Bhd, which is set to be listed on the Main Market of Bursa Malaysia on June 24, said its net profit for the first quarter ended March 31, 2025 (1QFY2025) came in at RM27.86 million.
Revenue for the quarter was RM296.38 million, the Malaysian unit of South Korean home-appliance maker Cuckoo Holdings Co said in a bourse filing on Thursday (June 19).
There are no comparative figures as this is Cuckoo Malaysia’s first interim financial report ahead of its listing.
Cuckoo Malaysia said 80% or RM237 million of the company's revenue was contributed by the Cuckoo-branded segment, while the Cuckoo co-created segment contributed 19.7% or RM58.3 million
Cuckoo Malaysia's chief executive officer Hoe Kian Choon said the company's performance in 1QFY2025 underscores the effectiveness of its business model, the strength of its brand presence, and the success of its omni-channel distribution strategy across both Malaysia and Singapore.
“We are operating in a highly conducive environment for growth, with the number of households increasing at a faster rate than the population — a trend that directly supports demand for home appliances and wellness solutions," said Hoe in a statement. "At the same time, rising household debt is driving a shift in consumer preference toward rental options, which aligns strongly with our resilient rental business model.”
“To capture this demand, we will strategically allocate capital to fund our expansion. This includes expanding our product SKUs (stock keeping units) and home care service offerings while strengthening our distribution network through the introduction of Cuckoo cash-and-carry Brandshops, increased product availability on our e-commerce platforms, and the recruitment of more sales personnel nationwide,” Hoe added.
The company's IPO consists of an offering of up to 365.36 million shares — including an institutional offering of up to 322.38 million shares to institutional and selected investors, as well as government-approved Bumiputera investors — and a retail offering of 42.98 million shares for eligible employees, contributors to the group’s success and the Malaysian public.
The company is expected to raise gross proceeds of RM154.74 million from the new issued shares, based on its revised IPO price of RM1.08, which is 16.3% lower than the initial set price of RM1.29.
The price revision came after Cuckoo Malaysia postponed its planned listing by two months, from April 30 to June 24, citing heightened global market volatility.
The proceeds raised from IPO will be used to fund the expansion of the company's rental business, repayment of bank borrowings, capital expenditure for new Brandshops, IT system upgrades and regional expansion into Singapore.