Perak Transit to benefit from footfall recovery

KUALA LUMPUR: Perak Transit Bhd expects the recovery in passenger footfall to continue in the remaining quarter of 2022 given the normalisation of travelling behaviour as the country transitioned to the endemic phase.

“The group’s stage bus operations continue to see stronger demand from passengers as more people are transiting within Perak during the endemic phase. Similarly, the group’s petrol station operations also witnessed higher fuel demand and may continue to see better demand ahead with higher transportation activities on the road,” Perak Transit said in a filing with Bursa Malaysia.

In the third quarter ended Sept 30, Perak Transit posted a net profit of RM15.04mil, an increase of 10.1% year-on-year as compared to RM13.66mil posted in the previous corresponding quarter.

Revenue rose 29.4% to RM45.6mil during the quarter from RM35.2mil last year while earnings per share stood at 2.15 sen in 3Q.

In line with the strong financial performance, the Board has declared a fourth interim dividend of 0.75 sen per ordinary share, payable on Feb 22, 2023.

For the first nine months, Perak Transit posted a net profit of RM44.15mil, or earnings per share of 6.59 sen on revenue of RM128.4mil.

Executive director Datuk Cheong Peak Sooi said the improved financial results was made possible from its dynamic and forward-thinking business strategies, especially in innovative leasing ideas to tap into the latest trends such as e-commerce and telecommunication.

He noted that the group had successfully transformed some commercial area in the integrated public transportation terminal (IPTT) into logistics hubs in September 2021, allowing it to directly capitalise on the growing trend of e-commerce in the new normal.

“In June 2022, we have appointed edotco Malaysia Sdn Bhd to provide the services to build, erect, install, construct, maintain and operate the relevant telecommunication solutions and structures in designated locations of the group’s properties.

“We anticipate the group to continue reaping recurring benefits from our proactive business transformations.

“Additionally, we have seen the emergence of Datuk Eddie Ong, CEO of Hextar Group, as our second largest shareholder with equity stake of approximately 8.64%. We are keen to explore business synergies between Perak Transit and the Hextar group of companies,” Cheong said.

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Perak Transit , Cheong Peak Sooi


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