CROPMATE BERHAD (CRPMATE)

Cropmate Berhad - Malaysia's First Pure-Play Fertilizer Company on Bursa

Cropmate Berhad (CRPMATE, 0331) is a fertilizer formulation and blending company listed on the ACE Market of Bursa Malaysia on December 5, 2024. What makes Cropmate distinctive is a simple yet powerful fact: it is the first and only pure-play fertilizer company listed on Bursa Malaysia. Prior to its listing, investors seeking exposure to Malaysia's agricultural fertilizer sector had no direct option - they had to invest in larger agro-chemical conglomerates with diversified business segments. Cropmate changes that equation entirely.

The company operates from its manufacturing facilities in Klang, Selangor, where it formulates and blends fertilizer inputs - primarily nitrogen (N), phosphorus (P), and potassium (K) compounds - into finished products sold to plantation operators, orchard growers, and agricultural traders. The business model is asset-efficient: Cropmate does not mine or extract raw materials. Instead, it adds value through proprietary formulation expertise and blending technology, acting as the critical link between bulk commodity inputs and field-ready fertilizer products.

Cropmate's Product Range:

• Compound Fertilizers (Conventional): Compact compound and granular blend formats - the core revenue driver, sold to oil palm plantations nationwide
• Specialty Fertilizers: Semi-organic, organic, and liquid fertilizers - the premium growth segment, increasingly driven by the durian farming boom
• Straight Fertilizers (N, P, K): Traded (not manufactured), sold as part of full-service packages with lower margins but important for customer retention
• Micronutrients and Organic Products: Complementary offerings for specialized crop requirements

Oil palm plantations represent approximately 60-70% of Cropmate's revenue base, making the company indirectly exposed to crude palm oil (CPO) price cycles. When CPO prices are elevated, plantation operators and smallholders increase fertilizer spending to maximize yields. The second and increasingly important end market is durian orchards - a premium segment where growers are willing to pay more for specialty fertilizers given the high value of durian exports, particularly to China.

Revenue is predominantly domestic: 97.1% from Malaysia, with the remaining 2.9% exported to Cambodia, Singapore, India, Indonesia, Vietnam, Sri Lanka, Mauritius, and Japan. While the export footprint is small, it spans diverse geographies, suggesting the early foundations of an international customer base are in place.

✅ Shariah Compliant: Cropmate Berhad has been confirmed as a Shariah-compliant stock by the Securities Commission of Malaysia, making it accessible to Muslim investors following Islamic investment principles.

IPO Story: Cropmate's December 2024 IPO at RM0.20 per share was met with exceptional market enthusiasm. The public offering was oversubscribed 84.88 times - meaning for every share available, nearly 85 applications competed. On Day 1, the stock surged +22.5% above its IPO price, reflecting strong demand from retail investors drawn to the unique sector positioning. The IPO raised RM42 million, with RM41.6 million already deployed by FY2025 - primarily toward the acquisition of Factory Lots 8949 and 8950 in Klang, which will expand production capacity to meet growing demand.

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