QAP D Optic – Financial Analysis · 31 March 2026
Financial Statement Analysis
QAP D Optic Sdn Bhd
12 months ended 31 March 2026 8 active outlets All figures in RM Prepared 10 April 2026
Big 4 Analysis
Confidential · Internal use only
Group net revenue
2,586,732
8 revenue outlets
Gross profit
1,709,522
Gross margin 66.1%
Total COGS
877,210
33.9% of revenue
Total opex
645,546
24.9% of revenue
Group net loss
(396,909)
HQ drag RM 396k
Outlet net profit
1,629,683
Excl. HQ & Lab HQ
Revenue breakdown
Monthly trend · outlet mix · product split
Revenue data.
Profitability waterfall
Group — from revenue to net loss
Waterfall data.
# Outlet Revenue (RM) Share Gross profit GM% Opex Opex% Net profit NM% Rating
Expense analysis
RM 645,546 total · Apr 2025 – Mar 2026
Expense data.
Net profit trend
Group total · individual outlets · HQ drain view
Net profit data.
Critical
HQ — RM 396k net loss
HQ generated only RM 6,531 in sales against RM 261,779 opex and RM 128,753 COGS. Finance costs alone (RM 71,397) have zero revenue coverage. Immediate restructuring required.
Critical
Payroll accrual — Feb & Mar only
RM 133,149 staff costs appear exclusively in Feb–Mar 2026 across all outlets. Payroll posted in bulk — monthly losses are materially understated throughout the year.
Critical
HQ COGS: RM 128k vs RM 6.5k sales
RM 113,870 purchases + RM 15,073 carriage inwards at HQ against minimal sales. Possible unrecorded intercompany transfers or significant inventory write-off exposure.
Warning
Simpang office spike — Jan 2026
Upkeep of office hit RM 25,084 in January 2026 alone vs avg RM 242/month. Likely renovation. No corresponding revenue uplift observed. Supporting documentation required.
Warning
Simpang — 3 months zero revenue
Nov 2025 – Jan 2026: nil sales while fixed costs (rental + utilities ~RM 2,800/mo) continued. Estimated idle cost RM 8,400. Management explanation required.
Warning
Finance cost escalation mid-year
Finance costs rose from RM 1,000 to RM 20,171/month mid-year, indicating new loan drawdowns. Total RM 71,397 with zero revenue coverage. Loan purpose and terms undisclosed.
Warning
Manjung — 39% rental/revenue ratio
Pays RM 42,000/yr rental (same as top outlet Kuala Kangsar) on only RM 107,433 revenue — 39% vs KK's 5.7%. Lease renegotiation or outlet consolidation warranted.
Observation
MARA/SME grant — MFRS 120
RM 6,900 grant received Aug 2025, netted under Other Income at HQ. Grant accounting treatment to be confirmed — conditions and repayment risk must be disclosed per MFRS 120.
Observation
Project outlet — high revenue volatility
Revenue swings from RM 60,820 to zero within one month. Negative GP in Oct–Nov 2025. Event-driven model creates fixed-cost exposure risk in off periods.
Gross margin
66.1%
Net margin (group)
–15.3%
Opex ratio (outlets)
14.8%
Opex ratio (incl. HQ)
24.9%
Best outlet NM%
78.3%
Bagan Serai
Lowest outlet NM%
20.1%
Manjung
Rental / revenue
7.2%
Staff cost / revenue
5.1%
Finance cost / revenue
2.8%
Avg revenue / outlet
RM 323k
HQ profit drag
RM 397k
Lens revenue share
74.1%