PT Resources Holdings Berhad recorded a revenue of RM115.3 million for its first quarter ended 31 July 2022, an increase of 55.6% from RM74.1 million recorded in the corresponding quarter ended 31 July 2021.
The growth in the Group’s revenue was mainly driven by the increase in domestic demand amidst a more positive outlook upon transition to the COVID-19 endemic phase by the Malaysian Government effective 1 April 2022. The higher revenue, in turn, translated to an increase in the Group’s overall profitability.
For the quarter under review, the Group’s profit before tax rose by 63.6% to RM7.7 million, as compared to RM4.7 million in the 1QFY2022, while profit after tax increased by 60.8% to RM7.5 million in 1QFY2023, as compared to RM4.7 million in the 1QFY2022.
Commenting on its prospects, the Group stated that it is confident in maintaining a positive performance for the remainder of the Company’s financial year ending 30 April 2023.
“In view of the COVID-19 transition to the endemic phase effective 1 April 2022, social and business activities can be seen gaining traction throughout 2022. This has led to a rebound in economic activities in Malaysia, which can be seen in the Group’s revenue growth from quarter to quarter.
Nevertheless, the Group remains cognisant of the prevailing risks posed by rising costs. We will be taking a two-pronged approach – reduce cost and increase selling prices marginally – to cushion the impact of global cost-push inflationary pressures on operating costs and improve profitability.
Overall, the Group remains optimistic about the long-term growth of the demand for the Group’s products both domestically and internationally, underpinned by its focused strategies to drive sales.
The Group remains committed to a growing demand for its products domestically by strengthening access to channel partners and establishing more “MO FoodmartTM” outlets, prioritising the East Coast region of Peninsular Malaysia. For the Group’s international markets, the Group will look to further increase supply to China and the Middle East in view of easing of global COVID-19 export-import requirements.”
