DXN
October 29, 2026
KUALA LUMPUR, Malaysia - October 29, 2026
DXN Holdings Bhd., the Malaysian health and wellness direct selling company best known for its Ganoderma mushroom coffees and supplements, said its net profit rose nearly 30 percent in its fiscal second quarter as stronger sales in Latin America and India offset softness elsewhere in its network.
In unaudited results filed with Bursa Malaysia on October 29, DXN reported net profit attributable to shareholders of RM91.29 million for the three months ended August 31, 2026, the second quarter of its financial year ending February 28, 2027. That compared with RM70.26 million in the same quarter a year earlier, an increase of 29.9 percent. Earnings per share rose to 1.85 sen from 1.41 sen.
Revenue for the quarter increased 5.3 percent to RM506.81 million from RM481.20 million. Pretax profit climbed to RM134.89 million from RM119.14 million, and earnings before interest, taxes, depreciation and amortization rose 11.3 percent to about RM151.3 million, lifting the EBITDA margin to 29.9 percent.
The company said growth came from continued momentum and active member engagement in Peru and Bolivia, where sales rose 13.7 percent and 49.3 percent from a year earlier, respectively. Sales in India grew 10.7 percent.
The quarter also marked a sharp rebound from a weak start to the year. Revenue rose 14.4 percent from the first quarter and net profit attributable to shareholders was up 56 percent sequentially. In a results review published October 30, RHB Research said Bolivia's growth was partly helped by currency appreciation, and that sequential gains in Peru and Bolivia benefited from members buying ahead of price revisions scheduled for the third quarter. The brokerage also pointed to lower foreign exchange losses of RM0.8 million, down from RM6.5 million a year earlier, savings of about RM6.5 million after DXN ended an aircraft charter arrangement in May 2026, and a lower effective tax rate of 30 percent compared with 38.3 percent.
The first half of the year was flatter. For the six months ended August 31, DXN's revenue slipped 1.1 percent to RM949.84 million from RM960.26 million, which the company attributed to slower sales in Morocco and lower export sales to the Middle East that offset gains in other markets. Six-month net profit attributable to shareholders rose 3.9 percent to RM149.82 million from RM144.17 million.
DXN's board declared a second interim single-tier dividend of 1.00 sen per share for the financial year, compared with 0.80 sen for the same quarter last year. The shares go ex-dividend on November 12, with an entitlement date of November 13 and payment on November 27, 2026. Dividends declared for the first half total 1.60 sen per share, compared with 1.70 sen a year earlier.
Looking ahead, DXN said it expects revenue and profit to keep growing, supported by three structural drivers: expansion of its upstream cultivation capacity, a wider midstream manufacturing footprint, and a resilient base of downstream consumers. The company acknowledged it faces challenges in some regions but said the breadth of its global operations and its integrated farm-to-consumer model give it confidence in its growth prospects.
In a separate filing the same day, DXN updated investors on several memorandums of understanding tied to its expansion. It said its proposed investment agreement in Morocco remains under review by Moroccan authorities, and that it is working with Brazil's health regulator, ANVISA, with help from the Brazilian Trade and Investment Promotion Agency, to clarify the approval pathway for registering and selling Ganoderma as a novel food ingredient in Brazil. It reported no material development on a separate memorandum with Invest Kedah Berhad.
DXN, founded in Malaysia in 1993 and listed on the Main Market of Bursa Malaysia, sells its products through a global network of members across Asia, Latin America, Africa, Europe and the Middle East.