KUALA LUMPUR (Jan 23): Johor-based piping solutions provider ISF Group Bhd, which is slated to be listed on the ACE Market of Bursa Malaysia on Jan 28, reported a third-quarter net profit of RM5.02 million, on a revenue of RM23.99 million.
Revenue contribution for the third quarter ended Sept 30, 2025 came mainly from the supply and installation of piping systems for end-user premises, as well as water supply and sewer infrastructure piping, a bourse filing on Friday showed. The gross profit margin came in at 41.61%, with the profit after tax margin at 20.93%.
For the nine months ended Sept 30, 2025 (9MFY2025), the group's net profit came in at RM18.52 million — nearly double the annual earnings of RM9.64 million it achieved for FY2024. Revenue for 9MFY2026 was RM73.98 million, also surpassing total revenue of RM54.67 million for FY2024.
The gross profit margin for 9MFY2025 stood at 44.27%, while the profit after tax margin reached 25.04%. No dividend was declared with the latest results.
“We are proud to report a robust third quarter, delivering performance that reflects the growing demand for our services across key end-user segments. This momentum provides clear validation of the resilience of our business model and positions us well as we approach our upcoming listing on the ACE Market of Bursa Malaysia," said ISF managing director Jeff Ai Boon Chen.
The group sees itself as "a vital partner" in supporting Malaysia's infrastructure development, from affordable housing initiatives to essential industrial and digital infrastructure projects, said Ai.
It further noted that regional developments such as the Johor-Singapore Special Economic Zone are anticipated to spur industrial and commercial construction. "These factors collectively contribute to the steady demand for piping and related infrastructure. With a solid operational and financial foundation, ISF is well prepared to execute its expansion plans and capitalise on these promising growth opportunities ahead," its statement read.
The group's unbilled order book as at Dec 9, 2025 stood at RM120.68 million, which is expected to provide earnings visibility for the group up to FY2028. Of the unbilled orders, RM117.47 million relates to end-user premises piping projects, while the remaining RM3.21 million is made up by infrastructure piping projects.
Its initial public offering (IPO) has seen robust demand, with the retail portion being oversubscribed by 31.14 times ahead of its ACE Market listing. The IPO raised over RM61 million for the piping company and close to RM30 million for its founding family. Priced at 33 sen per share, the offer involves a public issue of 185.3 million new shares and an offer for sale of 90 million existing shares.
Upon listing, ISF will have a market capitalisation of RM330 million, based on its enlarged issued share base of one billion shares.