FIAMMA Holdings Bhd, a Main Market-listed home appliance maker/distributor, healthcare industry player and property developer, has posted a 6% year-on-year (yoy) growth in revenue to RM104.36 mil for its 1Q FY2026 ended March 31, 2026 (1Q FY2025: RM98.51 mil).
This top-line expansion was primarily driven by accelerated output from the group’s core Trading & Services segment which expanded 11.6% to RM87.0 mil, thus contributing 83.4% of its total revenue.
The group reported a pre-tax profit of RM13.41 mil which is a huge dip from RM41.19 mil in the corresponding quarter last year but this yoy variance is mainly due to the non-recurring items recorded in 1Q FY2025, predominantly a RM23.22 mil one-off gain arising from the equity dilution in Aricia Sdn Bhd and Dawn Land Sdn Bhd.
Excluding these historical one-off accounting gains, FIAMMA’s 1Q FY2026 performance reflects a clean, normalised earnings baseline.
Financial strength in tip-top shape
Segmental PBT for Trading & Services remained relatively stable at RM10.47 mil as the group actively navigated industry-wide margin pressures from currency fluctuations, logistics costs and supplier pricing dynamics.
The Property Development segment contributed RM16.02 mil in revenue, supported by on-going contributions from East Parc, Vida Heights and Amberwood projects.
A substantial portion of the segment’s revenue was derived from the Amberwood mixed development project in Johor Bahru on the back of progressive billings as the project advances.
Fiamma continues to operate from a position of profound financial strength. As of end-March 2026, the group held cash and cash equivalents of RM139.55 mil against total borrowings of RM90.66 mil which translates to a net cash position of RM48.9 mil. Net assets per share improved to RM1.49.
“Our 1Q FY2026 results demonstrate the fundamental operating strength of our core distribution engine,” commented Fiamma’s group CEO Jimmy Tan Chee Wee.
“While the reported PBT shows a decline, this is purely a statutory comparison against a major one-off corporate gain recorded last year. Operationally, our core business is expanding.”
Added Tan: “We’re driving double-digit revenue growth in Trading & Services, expanding our market reach and deliberately deploying our balance sheet to secure inventory ahead of anticipated consumer demand.”
Sustained consumer demand
Simultaneously, the group’s proposed joint venture with Sinaran Urusjuta Sdn Bhd (SUSB) is a direct continuation of its capital allocation strategy.
“We’re systematically moving towards a capital-light property model which allows us to unlock the value of our landbanks, minimise greenfield development risks and maintain the upside through associate contributions,” envisages Tan.
Looking ahead, Fiamma anticipates cautious but sustained consumer demand with purchasing behaviours shifting toward mid-range, energy-efficient and value-for-money appliances.
The group’s healthcare and medical devices segment is also gaining material traction, supported by increased public healthcare spending allocations.
Its board will continue to focus on disciplined margin management, rigorous cost control and strategic portfolio expansion to drive long-term shareholder value.
At 3.03pm, Fiamma was unchanged at RM1.09 with 1,500 shares traded, thus valuing the company at RM578 mil. – May 19, 2026
