Scientex Registers Net Profit of RM112.2 Million Despite A Vulnerable 2020

Packaging manufacturer and property developer, Scientex Berhad (Scientex) has recorded a 15.1 percent higher net profit of RM112.2 million in the second quarter ended January 31, compared to RM97.5 million a year ago.

However, the group’s revenue decreased to RM906.5 million in 2Q21 from RM914.4 million in the previous year’s corresponding quarter.

The property development segment registered 12.9 percent higher revenue of RM287.8 million from RM255.0 million meanwhile the packaging segment stayed resilient despite global headwind where revenue dipped 6.2 percent tm RM6.18.8 million from RM659.4 million a year ago on lower sales tonnage of packaging products.

In the first half ended January 31 (1H21), Scientex’s revenue moderated 4.6 percent to RM1.7 billion from RM1.8 billion previously due to lower sales tonnage from the packaging division.

On the other hand, net profit climbed 14.7 percent to RM204.7 million from RM178.4 million in the previous year driven by higher sales and steady progress billings from the property development segment.

“While we were not spared the vagaries of the weaker global economy, our competitive position and high-efficiency practices allowed property development to post positive trajectory while packaging achieved commendable results.

This signifies the effectiveness of our strategy to continuously expand across Peninsular Malaysia and cross new boundaries, with recent maiden launches in Tasek Gelugor, Kundang Jaya and Kota Tinggi already contributing positively to our earnings,” Chief Executive Officer (CEO) of Scientex, Lim Peng Jin concluded.

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