Pioneer Heat Holdings Bhd recorded profit after tax (PAT) of RM2.83 million for the first quarter ended June 30, 2026 (1Q27), as the mechanical engineering services provider prepares for its upcoming ACE Market listing.
Revenue for 1Q27 came in at RM29.65 million, with PAT margin at about 9.5%. As this is Pioneer Heat’s first interim financial report under Bursa Malaysia Securities Bhd’s ACE Market Listing Requirements, there are no comparative figures for the preceding corresponding or immediate preceding quarter.
Mechanical engineering services remained the group’s main revenue contributor, generating RM23.81 million, or about 80.3% of total revenue. Of this, RM22.85 million came from piping system engineering and RM0.96 million from related specialised services.
Civil engineering projects contributed the remaining RM5.84 million, representing approximately 19.7% of revenue.
Pioneer Heat Chief Executive Officer and Executive Director Wong Wei Ken said the first reported quarterly results reflected the earnings contribution from the group’s core mechanical engineering activities.
“As we approach our listing, our focus remains on disciplined project execution, service quality and building the capacity needed for the next phase of growth,” he said.
Looking ahead, Wong said the group remains cautiously optimistic for the rest of the financial year and continues to pursue opportunities in the oil and gas, petrochemical and utility sectors.
Its subsidiaries have also obtained PETROS Vendor Registration Certificates with the relevant Petroleum Sarawak licence and work category codes, enabling the group to participate in quotation and tender opportunities with PETROS and related corporations within the approved scope.
Pioneer Heat is expected to raise RM21.68 million in gross proceeds from its public issue, with the funds earmarked for a new Sendayan headquarters, a new Sarawak office, additional machinery and equipment, working capital and listing expenses.
Wong said the Sarawak expansion would bring the group closer to opportunities in East Malaysia, while the new headquarters and equipment investments would strengthen its operating capacity and technical capabilities.
Pioneer Heat is scheduled to list on the ACE Market of Bursa Securities on Sept 17, 2026, with Malacca Securities Sdn Bhd being the principal advisor, sponsor, underwriter and placement agent for the IPO.
