Scientex Packaging records 2Q net profit of RM13.38mil

KUALA LUMPUR: Scientex Packaging (Ayer Keroh) Bhd says it is cautiously optimistic it will be able to sustain its performance in the current financial year.

This comes as the flexible packaging solutions provider announced a second financial quarter net profit of RM13.38mil, representing an earnings per share of 3.82 sen, which was 14.43% improved over RM11.69mil in the same quarter last year.

The group reported revenue of RM198.06mil, up from RM194.47mil in 2QFY22.

In a filing with Bursa Malaysia, the group said its current capacity expansion plan remains on track and is aimed at meeting customers' needs with the capacity to scale up production as well as increase production efficiency.

At the same time, the group will be focused on developing innovative and value-added customised products that meet evolving market trends and addressing sustainable packaging requirements.

However, the group said it remains cognisant of the ongoing geopolitical uncertainties coupled with rising inflationary pressures, which continue to pose operational challenges to the group by softening consumer demand.

"The socioeconomic conditions in Myanmar continues to be challenging and the group foresees that the situation is expected to remain for the short and medium term.

"In the interim, the group will continue to manage its operations to minimise any adverse effects whilst exploring options pertaining to its Myanmar operations," it said.

Meanwhile, the group continues to collaborate with global and local brand owners to meet their sustainability goals.

It said it has successfully commercialised flexible plastic packaging (FPP) products that are customer centric, fully recyclable and comply with customers’ overall sustainable goals.

"The group is progressively embedding sustainable practices and processes in its manufacturing process as part of its sustainability objective to promote sustainably manufactured products to further boost the circular economy and play its role as a responsible manufacturer of FPP products," it said.

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