Hong Seng Consolidated Berhad sixth quarter financial saw both its revenue and profit recording historic highs.
The Group’s financial performance continued to show improvement as the Group recorded an increasing revenue of RM147 million and profit after tax attributable to the owners of the company of RM46.4 million for the past 18 months. In view of Hong Seng’s change in financial year end from 31 March 2021 to 30 September 2021, there were no comparative financial information available for the 18 months financial period ended 30 September 2021.
The Group’s revenue for Q6FY21 of RM56.5 million increased by RM56 million as compared to RM0.5 million posted in the preceding year quarter. This was mainly attributed to the supply of Reverse Transcription Polymerase Chain Reaction (“PCR”) test kits for Coronavirus disease (“COVID-19”) and the provision of COVID-19 related and other molecular laboratory test services to both government and private sectors.
Meanwhile, profit attributable to owners of the company in the current quarter rose to RM35.2 million, a RM33.8 million increase as compared to RM1.4 million recorded in the preceding year quarter. This was mainly due to profit generated by the healthcare segment and the gain on disposal of a non-core business from the financial services segment in the current quarter.
Hong Seng Group Managing Director Dato’ Seri Teoh Hai Hin said: “Our diversifications over the past year have proven to be timely for the Group to capture the rising demand for healthcare products and its related services, so as to gain the greatest market presence for possible advantage from the prevailing health crisis. Moving forward, our other business expansions which include gloves and nitrile butadiene latex (“NBL”) production are expected to grow concurrently with the healthcare segment to provide multiple streams of income to the Group.”
Recently, Hong Seng celebrated the groundbreaking of its subsidiary Hong Seng Industries Sdn Bhd’s new NBL plant in Kedah Rubber City, the approximately RM3 billion NBL project will be completed in stages over 4 phases is targeted to have a full production capacity of 960 kilo-tonnes per annum (KTPA). The first phase of 240 KTPA is expected to commence its commercial production by Q2, 2024.
