Higher sales spurs Hap Seng’s revenue in 2Q


PETALING JAYA: Hap Seng Consolidated Bhd’s latest quarterly net profit showed an increase of some 36% to RM132.58mil from RM97.52mil in the same quarter last year, backed by higher sales.

Earnings per share for the quarter ended June 30, 2022 stood at 5.33 sen from 3.92 sen earlier, the diversified group said in a filing with Bursa Malaysia.

Revenue for the period under review meanwhile was up 34.73% to RM1.7bil, from RM1.26bil, a year earlier.

For the first half ended June 30, the group’s net profit rose 32% to RM288.89mil from RM218.35mil in the same period last year while revenue was up 31.8% to RM3.35bil.

“Based on the foregoing and despite the uncertainties in the domestic and global economies, the board is cautiously optimistic of achieving satisfactory results for the financial year ending 31 December 2022,” Hap Seng said.In terms of its respective divisions, Hap Seng’s plantation division saw revenue rise 36% for the period under review to RM246.9mil from RM181.6mil as a result of higher average selling prices.

Revenue for the automotive division meanwhile was up 54% to RM406.6mil from RM264.8mil, as both passenger car and commercial vehicle segments saw an increase in sales.

Hap Seng’s building materials division, made up of its quarry, asphalt and bricks businesses and building materials trading, registered a revenue of RM166.3mil, up 26% from RM132.2mil earlier.

Its trading division’s revenue was also higher at RM805.9mil compared to the RM459mil recorded a year ago, as all of its businesses under this segment registered higher sales.

Shares of Hap Seng finished higher yesterday by one sen to RM7.27 apiece, valuing the entire group at RM18.1bil.

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