Global packaging manufacturer and leading property developer Scientex Bhd started the new financial year strongly, recording 11.2% higher net profit of RM102.9 million in the first quarter ended 31 October 2021 (1Q22) from RM92.5 million a year ago.
Revenue rose 15.7% to RM928.2 million in 1Q22 from RM802.3 million previously, driven by firm demand for packaging products, and more sales of affordable homes.
The packaging division remained the main revenue contributor at RM678.1 million in 1Q22, growing 16.2% from RM583.8 million previously, on healthy sales of industrial and consumer packaging products in the domestic and export markets.
The property division registered revenue of RM250.1 million, increasing 14.5% from RM218.4 million in the previous year from steady progress billings for ongoing projects and good-take up rate for the latest launches in Johor and Penang. Additionally, revenue improved due to the completion of several project phases in Rawang, Selangor and Durian Tunggal, Melaka.
Lim Peng Jin CEO of Scientex Berhad said: “The healthy 1Q22 performance highlights the resilience of our twin-core model of packaging and property development. To deliver sustainable growth, we are maintaining expansions in the capacity and capabilities of both divisions to reinforce our market position and leadership.
“We continued our ‘Cross-Boundary Development Strategy’ for our property development division by lining up new launches in maiden locations of Jasin, Seremban, Cheras, Sungai Dua and Sungai Petani in FY2022. We are also accelerating our pace with a new target to build 8,000 homes a year by FY2023, up from 6,000 homes a year, representing our commitment to bring more affordable homes to the Rakyat on the back of robust demand,” he said.