ACO Group Bhs, a distributor of electrical products and accessories, has today announced its fourth-quarter (“4QFY2022”) and full-year financial results for the year ended 28 February 2022 (“FY2022”).
For the full year, revenue rose 13.0% to RM124.9 million in FY2022 versus RM110.6 million in FY2021.
Profit attributable to owners of the company (“net profit”) surged 148.2% year-on-year (“YoY”) to RM7.1 million as compared to RM2.8 million a year ago (“FY2021”). The stronger performance was mainly attributable to an increase in the share of profit contribution from the Group’s associate Focus Electrical Malaysia Sdn Bhd , which has operations in the East Coast region as well as the absence of one-off listing expenses of approximately RM2.0 million which was incurred in FY2021.
For the quarter under review, the Group recorded a revenue of RM33.6 million as compared to RM35.1 million in 4QFY2021. The marginal decrease was due to the flood incident in the East Coast region in December 2021, which affected the operations of Focus Electrical. Consequently, net profit stood lower at RM1.0 million from RM1.1 million in the preceding year corresponding quarter.
ACO Group’s Group Managing Director, Ir. Tang Pee Tee @ Tan Chang Kimsaid, “FY2022 was challenging for us as ACO Group focused on navigating the operational uncertainties arising from the Covid-19 pandemic as well as the global supply chain disruptions.
Notwithstanding, we are delighted to have delivered a commendable bottom-line performance as we swiftly regained our footing to capitalise on the resumption of economic activities, especially in the property and construction sectors which spurred demand for electrical products and accessories.”
“Despite the elevated global commodity prices, we maintained our selling prices in an effort to help our customers fulfil their contractual agreements. This in turn, had dampened our gross profit margin during the quarter under review. Nevertheless, we expect the impact to be short-lived as we are already in active discussions with both our customers and suppliers to optimise our price mechanism and profitability moving forward.”
