HIL Industries records highest quarterly net profit of RM12.32mil in 4Q


KUALA LUMPUR: HIL Industries Bhd posted a record quarterly net profit of RM12.32mil in the fourth quarter ended Dec 31, 2021, 64.9% higher compared to RM7.46mil in the previous corresponding quarter.

Revenue in the quarter under review rose to RM75.65mil compared to RM59.96mil in the same quarter a year earlier.

In a statement, the plastic solutions provider said the performance was supported by higher sales contribution from its manufacturing and property divisions, as well as its efforts to improve operating efficiency.

For the full year, the group posted a net profit of RM30.4mil compared to RM24.58mil in the previous year.

Revenue rose to a record high of RM173.23mil compared to RM163mil in 2020.

The company said it intends to declare a single-tier final dividend to be announced at a later date.

Moving forward, HIL Industries president and CEO Datuk Milton Ng said the compan will strive to achieve better cost optimisation by further streamlining the manufacturing process for greater efficiency.

“The manufacturing division is expected to further benefit from the successful takeup in the automotive market including the Myvi, Ativa and several other new models.

“As for the property division, the Amverton Links Phase 2 will continue to contribute to the Company’s property division revenue, while we strategies towards an upcoming launch of 100 townhouses and Phase 3 of the double-storey terrace homes in Amverton Links.

“Our recently-approved joint ventures are set to firm up the launch of key projects in Sungai Buloh, Klang and Carey Island across multiple residential property segments this year,” he added.

At at end-2021, HIL Industries had cash and cash equivalents of RM113.2mil and no bank borrowings.
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HIL Industries , plastics , Milton Ng

   

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