Meta Bright’s Q2 marked by growth, diversification

Bursa Malaysia Main Market listed company Meta Bright Group Bhd announced its financial results for the second quarter financial year ending June 30, 2024 (Q2 FY24), showcasing a period marked by strategic growth and diversification, despite facing increased operational costs due to pivotal investments.

Meta Bright reported a profit after tax of RM2.7 million, representing an increase of 143% year-on-year and 627% quarter-on-quarter. The company’s revenue stood at RM9.98 million, a 25% increase from the previous year. The registered net profit reflects the company’s strategic execution in various sectors. However, operational costs were higher this quarter due to significant corporate activities and investments in business expansion.

The company’s increased costs are primarily due to acquisition-related expenses for Expogaya Sdn Bhd, including professional fees and costs associated with the extraordinary general meeting; development costs for the leasing business in Australia, including US$5 million (RM24 million) in loan expenses and professional fees; increased depreciation following the completion of the latest phase of hotel renovation and elevated food and beverage costs as the hotel sector looks to expand and grow this part of the business.

Meta Bright corporate and strategic planning executive director Derek Phang Kiew Lim said that their strategic initiatives over the past few years are now beginning to bear fruit, reflected in their improved financial performance.

“Our focus on sustainable and highdemand sectors, coupled with strategic acquisitions like Expogaya, positions us strongly for continued growth. We are confident in the future prospects of MBGB as we continue to innovate and adapt in an ever-evolving market landscape,” he added.