BUS Cap Bhd, a Malaysian bus builder with a 58-year operating track record, has unveiled its maiden quarterly results ahead of the group’s scheduled listing on the ACE Market of Bursa Malaysia on June 3.
The group posted a revenue of RM19.28 mil for its 1Q FY2026 primarily driven by the sales of its buses segment which accounted for 99.4% of total revenue.
The quarter’s top line was derived entirely from the Malaysian market and was predominantly anchored by the sale of the semi-high deck buses, a reflection of continued customer preference for higher-capacity commercial transport.
Sales of double-deck buses, single-deck buses and the provision of repair and maintenance services contributed the remaining balance.
Moreover, the group demonstrated strong margin discipline during the quarter. Bus Cap achieved a gross profit of RM3.97 mil which translates to a gross profit margin of 20.6%.
Its pre-tax profit stood at RM3.33 mil (17.3% margin) while the group’s net profit came in at RM2.53 mil (13.1% margin). Basic earnings per share stood at 0.66 sen which is calculated based on the enlarged issued share capital of 383.38 million shares upon listing.
As this represents Bus Cap’s first interim financial report announced in compliance with the ACE Market Listing Requirements, there are no comparative figures for the preceding corresponding quarter.
Improved production efficiency
“Our first quarter results provide a clear baseline of Bus Cap’s operating fundamentals as we transition to the public market,” commented Bus Cap’s executive director Bernard Ng Chong Yan.
“Bus Cap remains profitable with healthy margins that are actively supported by sustained demand for semi-high deck buses and strict operational execution.”
While bus deliveries naturally fluctuate from quarter-to-quarter due to the seasonal procurement trends of transport and travel operators, the group’s structural demand drivers remain intact, according to Ng.
“We continue to see firm interest from bus operators, travel companies and government agencies,” he enthused.
“Our immediate focus post-listing is to deploy our fresh capital to strengthen production capabilities, improve manufacturing efficiency and execute our expansion roadmap with absolute discipline.”
Ahead of its IPO capital injection, Bus Cap’s balance sheet continued to strengthen organically.
As of end-March 2026, the group’s total equity expanded to RM26.14 mil from RM23.61 mil as of end-December 2025.
Through internally generated funds, the group has pared down its borrowings by improving its gearing ratio to a healthy 0.23 times from 0.28 times at the end of the previous financial year.
Additionally, the group also generated positive net cash flow from operating activities of approximately RM160,000 during the quarter.
Looking ahead, Bus Cap expects the commercial vehicle building industry to remain resilient, underpinned by increasing demand for public and private transportation and firm fleet replacement cycles.
In this regard, the group will focus on enhancing its production footprint, optimising operational efficiency and securing new orders to drive its next phase of scalable growth.
Upon completion of its IPO exercise which is expected to be completed on June 3 upon its listing, Bus Cap will have successfully raised RM24.69 mil to fund the construction of a new factory, the purchase of semi-automated machinery and working capital. – May 27, 2026
