Scientex’s 2Q FY2024 net profit rises 32.7 pct to RM141.01 mln

KUALA LUMPUR: Scientex Bhd’s net profit for the second quarter ended Jan 31, 2024 (2Q FY2024) rose by 32.7 per cent to RM141.01 million compared with RM106.29 million in the same quarter last year.

Its revenue increased by 11.7 per cent to RM1.09 billion compared with RM978.39 million previously.

In a Bursa Malaysia filing yesterday, Scientex said the increase in revenue and profit was due to better performance from the property division.

The packaging manufacturer and property developer said its property division’s revenue stood at RM456.9 million, reflecting an increase of 41.3 per cent compared to RM323.3 million.

It said the higher revenue was contributed by steady construction progress for all developments in Northern, Central and Southern Peninsular.

“In addition, our new launches in Sungai Dua (Penang), Sungai Petani (Kedah), Ipoh (Perak), Jasin (Melaka) and Pulai (Johor) also received overwhelming responses and further contributed to the increase in revenue.

“In tandem with the higher revenue recorded, operating profit increased to RM127.3 million compared to RM89.1 million recorded in the preceding year’s corresponding quarter,” it said.

Meanwhile, Scientex said its packaging revenue was lower at RM635.8 million compared to RM655.1 million recorded in 2Q FY2024, mainly due to the softening of export market demand from the consumer packaging segment.

For the six-month financial period ended Jan 31, 2024, Scientex recorded a net profit of RM278.85 million from RM213.47 million, while revenue stood at RM2.20 billion, an increase of 9.5 per cent from RM2.0 billion previously. — Bernama