KUALA LUMPUR (Sept 14): ACE Market-bound Pioneer Heat Holdings Bhd (KL:PIONEER) recorded a net profit of RM2.83 million for its first quarter ended June 30, 2026 (1QFY2027), on a revenue of RM29.65 million.
This was the group’s first interim financial report announced under the Bursa Malaysia ACE Market Listing Requirements, and therefore no comparative figures were provided for the corresponding quarter or immediate preceding quarter, said the mechanical and civil engineering services provider in a bourse filing on Monday.
No dividend was declared during the quarter under review.
The bulk of its revenue was derived from its provision of mechanical engineering services, which contributed RM23.81 million, or about 80.3% of total revenue, while civil engineering projects contributed the remaining RM5.84 million.
Pioneer Heat is principally involved in mechanical engineering services and civil engineering projects for the construction of industrial and ancillary facilities.
Its mechanical engineering services include piping system engineering and specialised services such as heat treatment, flange management and non-destructive testing, primarily serving the oil and gas (O&G), petrochemical, utility and manufacturing sectors.
Looking forward, Pioneer Heat said the group continues to pursue opportunities in the O&G, petrochemical and utility industries, which it identified as its key target industries.
The group’s diversified range of mechanical engineering and related specialised services enables it to support customers throughout the lifecycle of their industrial plants, including new plant construction, maintenance, plant turnarounds, modifications and refurbishment works, it added.
The group remains mindful of potential challenges, including fluctuations in project demand, competition, material and labour costs, as well as broader economic and geopolitical uncertainties.
Pioneer Heat is slated to be listed on Thursday, following its initial public offering (IPO) at an issue price of 25 sen per share. The IPO comprised 86.7 million new shares and an offer for sale of 17.345 million existing shares.
The company aims to raise RM26.02 million from the listing, with RM21.68 million going to the company, while RM4.34 million will go to its three promoters, brothers Wong Hing Chong, Wong Hing Kok and Wong Heng Chong.
Of the proceeds from the new share issuance, RM4 million has been earmarked to set up a new headquarters in Sendayan, Negeri Sembilan, and RM2.07 million for a new office and workshop in Sarawak.
The company is also allocating RM4.01 million for the purchase of machinery and equipment. The remaining RM11.6 million will be used for working capital and to cover listing expenses.