CUCKOO Malaysia posts record RM1.24bil revenue, issues IPO update
The decision to delay the IPO, according to the company, was a carefully considered move by CUCKOO Malaysia's management aimed at ensuring a successful and sustainable entry into the public market, aligned with the best interests of the company and its investors.
In its supplementary prospectus, CUCKOO Malaysia reported record revenue of RM1.24 billion for the financial year ended Dec 31, 2024 (FYE2024), marking a continuation of its billion-ringgit revenue streak ahead of its scheduled listing on the Main Market of Bursa Malaysia on June 24, 2025.
The company's revenue grew by 11 per cent year-on-year, driven by a 62.6 per cent surge in CUCKOO Co-created products, which reached RM250.3 million, and a 3 per cent increase in CUCKOO-branded products to RM983.2 million.
Pre-tax profit (PBT) rose 23.2 per cent, supported by stronger gross profit margins and reduced finance costs, particularly from a lower net foreign exchange loss. These gains were partially offset by RM5.7 million in IPO-related expenses.
CUCKOO Malaysia also delivered a significant 47.7 per cent rise in profit after tax and minority interests (PATAMI), reaching RM128.9 million in FYE2024, up from RM87.3 million the previous year.
Non-independent executive director and chief executive officer of CUCKOO International Hoe Kian Choon expressed confidence in the company's future outlook, citing robust consumer demand, a resilient rental-based business model, sustained investment in technology and infrastructure, and the strength of its experienced senior leadership team.
"We are pleased to deliver a strong financial performance, highlighting our ongoing commitments in expanding the company's market presence by leveraging CUCKOO Malaysia's effective business model, omni-channel distribution network and ever-expanding wellness ecosystem," he said in a statement.
Hoe added that the company remains focused on scaling up its operations by broadening its product offerings, strengthening home care services, and deepening its market presence across Malaysia and Singapore.
"With this, we are confident that it will support our continued growth and enable us to serve a larger customer base by building brand loyalty to retain our customers and to cross-sell more of our products or services to them," he said.
The supplementary prospectus also outlines the withdrawal process for investors who submitted IPO applications prior to the rescheduling announcement but now wish to retract their applications.
The closing date for withdrawal requests is 5.00 p.m. on May 22, 2025.
Investors may withdraw through Malaysian Issuing House (MIH), bank branches, or online platforms where applications were made. Refunds will be processed either on the same day or within eight market days of receiving a completed and valid Withdrawal Request Form, depending on the method used.
The form is available via the MIH website (www.mih.com.my), by email (BRMY-MIHIPO@boardroomlimited.com), or through postal submission to Malaysian Issuing House Sdn Bhd.
Investors who withdraw may still reapply for the IPO during the application period, subject to terms stated in the supplementary prospectus.
The IPO application period remains open and will close on June 5, 2025, with CUCKOO Malaysia's listing on June 24, 2025, on Bursa Malaysia's Main Market.
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