Listing bound, Minox International Group Berhad released its financial results for the first half, recording a revenue of RM26.1 million with a gross profit of RM14 million, a remarkable close to 53% profit margin for 1H.
The bulk of sales in fact 92.7% was derived from customers in the food and beverage industry with the balance from the pharmaceutical and semiconductor sectors. Domestic sales contributed 26.2% while export sales constituted 73.8% of turnover with Indonesia being the largest contributor at 41.1%, followed by Singapore (20.8%), Thailand (7.5%), and others.
As for the bottom line, profit after tax and non-controlling interest for the cumulative 6-month period stood at RM4 million.
For the quarter under review, Minox delivered a revenue of RM14.2 million. F&B segment has, similarly, contributed the bulk of turnover, accounting for 93.3% of the top line. GP for 2QFYE2023 was RM8 million, reflecting a GP margin of 56.3%. After deducting administrative costs and tax expenses, the net profit for the quarter was RM3.3 million.
Commenting on the Company’s financial performance, the Managing Director of Minox, Mr. Cheong Chee Son said, “We are satisfied with our second quarter results, especially considering the taxing macroeconomic environment. However, we believe the prospects for Minox remain bright, buoyed by the growing demand for sanitary valves and fittings in Asia.”
Minox is set for its listing on the ACE Market of Bursa Securities on Tuesday, 17 October 2023. Upon listing, Minox will have a market capitalisation of RM90 million, calculated based on the issue price of RM0.25 per share and the enlarged share capital of 360 million shares.
