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BUSINESS

Scientex's Q3 net profit down to RM88.33 mln

13/06/2022 03:33 PM

KUALA LUMPUR, June 13 (Bernama) -- Global packaging manufacturer and property developer Scientex Bhd’s net profit for the third quarter ended April 30, 2022 (Q3FY22) declined to RM88.33 million from RM109.88 million in the same period last year.

Revenue, however, improved 1.7 per cent to RM993.84 million from RM976.79 million previously driven by higher contribution from the packaging business but was offset by lower revenue from property development businesses, it said in a filing with Bursa Malaysia today.

“Packaging revenue was RM749.7 million compared to RM671.5 million recorded in the preceding year corresponding quarter,” it said.

It said the increase was contributed by both industrial and consumer packaging products driven mainly by its export markets as well as the increase in average selling price.

Meanwhile, it said property development revenue declined 20 per cent to RM244.2 million from RM305.3 million previously on deferment of certificate of completion and compliance (CCC) for Southern region projects due to material shortages for power supply infrastructure.

In a separate statement, Scientex said it is en route to hit record revenue exceeding RM3.7 billion in the current financial year driven by healthy demand for its packaging and property development businesses.

For the nine-month period (9MFY22), it said revenue climbed seven per cent to RM2.9 billion from RM2.7 billion in the previous year.

Chief executive officer Lim Peng Jin said as the global sustainability agenda picks up, the company is innovating sustainable and value-added packaging products as well as collaborating with major consumer brands to deliver new high-performance and sustainable solutions.

He said the company also invested in new technology to future-proof its operations with a new robotic stretch film facility, which is expected to commence in the second half of 2022. 

“These initiatives will ready us for smarter and more rigorous manufacturing processes in the future while enhancing our efficiency and adaptability to rising costs.

“In our affordable housing developments, we adopt a cautious approach in new project launch schedule for 2022 due to longer timeline required to secure authority approval,” he said.

He added that the company strived to maintain affordable prices for the masses and would mitigate increased material costs by reviewing and repricing its products within a reasonable range.

As of April 30, 2022, Scientex’s ongoing development projects amounted to RM2.8 billion in gross development value, consisting of mainly landed residential properties priced at RM300,000 and below per home.

It also declared an interim dividend of four sen per share in respect of FY22 with an ex-date on July 7, 2022 and payment date on July 22, 2022, amounting to a payout of RM62 million or 21.8 per cent of the 9MFY22 net profit.

-- BERNAMA

 


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