This article first appeared in The Edge Malaysia Weekly on October 5, 2026 - October 11, 2026

Spritzer Bhd’s (KL:SPRITZER) debut at The Edge Billion Ringgit Club (BRC) has been a rewarding one. The bottled water producer clinched its first award for Highest returns to shareholders over three years in the consumer products & services sector after its adjusted share price more than tripled during the award assessment period.

From 74 sen per share on March 31, 2023, Spritzer’s adjusted share price climbed to RM1.08 a year later, RM1.52 by end-March 2025 and RM2.37 as at March 31, 2026. This translated into a compound annual growth rate (CAGR) of 47.3% in shareholder returns over the three-year period, putting the company at the top of its sector in this year’s BRC assessment.

Following its stellar set of financial results, the shares continued their strong run, hitting a record high of RM3.90 on Sept 4.

Getting to where it is today has not been an easy journey for Spritzer. The company was listed on Bursa Malaysia in September 2000, reporting a net profit of RM9.4 million on revenue of RM51.7 million a year later.

After more than 25 years, its net profit rose nearly tenfold to RM90.8 million in the financial year ended Dec 31, 2025 (FY2025), while revenue surged 12 times to RM656.9 million.

Its risk-weighted CAGR net profit growth between FY2022 and FY2025 came in at 17.5%. In 1HFY2026, Spritzer’s net profit rose 36.1% year on year to RM57.69 million.

The company has also consistently returned cash to shareholders, with a dividend policy of at least 35%. Dividend per share amounted to 5.5 sen, four sen and five sen in FY2023, FY2024 and FY2025 respectively.

When Spritzer began operations in 1989, bottled mineral water was still a relatively niche product in Malaysia, and was often associated mainly with expatriates, affluent Malaysians and health-conscious consumers. Imported brands such as Evian, Volvic and Perrier — all from France — dominated the shelves at that time.

Much has changed since then. As Malaysia’s economy expanded, bottled water became increasingly affordable and gradually shifted from being perceived as a luxury to a regular consumer purchase.

Spritzer was quick to secure a foothold in the market and moved early to ensure its brand grew alongside that shift in consumer behaviour. It aired its first TV commercial in 1992, sponsored the Commonwealth Games Baton Run in 1994 and supplied mineral water to the Malaysian contingent at the 1996 Olympic Games.

By the end of the 1990s, local brands had begun taking market share from imported names. Lower-priced local brands commanded about 65% of the market in 1999, while higher priced local brands accounted for another 25%. Imported brands were left with about 10%.

Within the premium local segment, Spritzer alone accounted for 18% of the market, while its lower-priced Cactus brand held another 2%.

Today, Spritzer is Malaysia’s largest and most integrated bottled water producer, with a domestic market share of more than 40%. Its portfolio includes the flagship Spritzer mineral water brand, as well as Cactus, Desa, Summer, Spritzer Sparkling and other products catering to different price points and consumer segments.

Spritzer currently operates three bottled water plants — one each in Taiping, Perak; Yong Peng, Johor; and Shah Alam, Selangor, as well as a plastic-packaging manufacturing facility in Ipoh, Perak. Its mineral water land size stood at about 433 acres in Taiping and 81 acres in Yong Peng at end-2025. Annual production capacity reached about 1.3 billion litres at end-2025, up from 1.25 billion litres a year earlier.

Competition, nevertheless, has inevitably intensified over the past years as more players have entered the market. The latest data from the Ministry of Health’s 2024 annual report showed that there were 101 licences for natural mineral water and 237 licences for packaged drinking water under the Food Regulations 1985.

Spritzer’s strategy has been to compete less on price and more aggressively on branding and product differentiation. One of its main selling points is its naturally high silica content of about 60mg per litre. It is also riding on the Visit Malaysia 2026 campaign, which has since been extended through end-2027 in light of the Middle East conflict.

Spritzer CEO Kenny Lim Seng Lee recently told The Edge that the company intends to grow across both on-trade and off-trade channels through distributors catering to different segments in Singapore. At home, the company will continue to rely on its brand recognition, distribution network, greater manufacturing scale and the preservation of its mineral water sources.

Spritzer’s largest shareholder is its chairman Datuk Seri Lim Kok Cheong, who holds a direct and indirect stake of 7.03% and 45.97% respectively in the company. He is also the brother of Kenny’s father, Datuk Lim Kok Boon, founder and managing director of Spritzer.

Save by subscribing to us for your print and/or digital copy.

P/S: The Edge is also available on Apple's App Store and Android's Google Play.