Hong Seng Consolidated Berhad second-quarter result saw a significant increase in revenue and profits that were generated mostly by its healthcare and gloves segment.
In a filing with Bursa Malaysia, the group revenue for the quarter showed a two-fold increase to RM117.61 million from RM56.43 million a year ago. Profit after tax attributable to the owners of the company soared more than seven times to RM42.30 million as compared to RM6.03 million posted in the preceding year’s quarter.
Basic earnings per share also jumped to 1.66 sen in Q2FY22 as compared to 0.45 sen posted a year ago.
The Group added that the stellar result was mainly due to the higher revenue generated from its healthcare segment, which consisted of sales of Covid-19 test kits and medical supplies as well as provision of laboratory services for Covid-19 tests.
Meanwhile, the gloves and financial services segment contributed revenue of RM18.9 million and RM0.9 million respectively in the current quarter under review.
Commenting on the latest financial results, Hong Seng Group Managing Director Dato’ Seri Teoh Hai Hin said: “Hong Seng’s aggressive expansion into diverse business segments continues to bear fruit as it delivers yet another impressive quarterly result. Our healthcare arm HS Bio Group remains the largest contributor and most exciting prospect of the Group, but we are also looking forward to our other pillars which will start ramping up very soon.”
The Group’s expansion in the recent year includes four key growth drivers namely Healthcare, Glove Manufacturing, Nitrile Butadiene Latex (“NBL”), and Integrated Logistics Services.
