Scientex records higher 4Q net profit of RM88.3 million
KUALA LUMPUR: Industrial packaging manufacturer and property developer Scientex Bhd (Scientex) recorded a 22.4 per cent higher net profit of RM88.3 million for the fourth quarter (4Q) ended July 31, 2018 from RM72.1 million in the same period last year.
Revenue rose 13.5 per cent to RM733.2 million from RM646.1 million previously.
“The improved 4Q performance was mainly attributed to higher sales volume in the manufacturing segment, in addition to maiden contribution from Klang Hock Plastics Industries.
“This was complemented by increased profit from the property development segment on greater efficiency and better product mix, despite a slight decrease in revenue,” it said in a statement yesterday.
Managing director Lim Peng Jin said the group also notched another milestone as new launches in the financial year 2018 (FY18) reached a record high of RM1.2 billion in gross development value (GDV).
“This brings the GDV of ongoing and future developments to RM13.5 billion, which would sustain the group for more than 10 years,” he said.
Meanwhile, net profit for FY18 jumped 13.3 per cent to RM289.8 million from RM255.9 million and revenue rose 9.3 per cent to RM2.6 billion from RM2.4 billion compared with the previous corresponding period.
Lim said the improved performance was mainly driven by higher sales volume in the manufacturing segment, higher plant utilisation and expanded total annual output capacity from 356,000 tonnes in FY17 to 450,000 tonnes in FY18.
Moving forward, Scientex aimed to deliver 50,000 affordable houses by 2028, supported by its FY18 land bank purchases worth RM500 million in strategic locations such as Rawang (Selangor), and Senai and Pulai in (Johor), as well as Durian Tunggal (Melaka).