KUALA LUMPUR: Sasbadi Holdings Bhd
is optimistic about its prospects for the remainder of this financial year ending Aug 31, 2023 (FY23), according to group managing director Law King Hui.
“We aim to achieve higher growth through diversification of product offerings that meet and exceed customers' expectations,” Law said in a statement.
He noted that Sasbadi had entered into a strategic partnership with Shopee.
“This partnership will see Shopee earmarking up to RM50mil from July 1, 2023 to Feb 29, 20274, assisting students in acquiring Sasbadi publications. The collaboration aims to bolster sales while also supporting underserved communities,” Law said, adding that Sasbadi also partnered exclusively with BOOKR Kids amplifying its efforts to market BOOKR Class across Malaysia.
“This has been a strong year for Sasbadi. Our forward-looking strategies signal our intent to further diversify our product range to surpass customer expectations. The M&A initiative is part of Sasbadi's key strategy to drive growth for the 4QFY2023 and beyond,” he said.
In the third quarter ended May 31, Sasbadi’s net profit more than doubled to RM4.61mil, or earnings per share of 1.07 sen against RM2.03mil, or 0.48 sen posted a year ago.
Revenue for the quarter jumped 51.8% to RM29.4mil from RM19.4mil last year.
For the first nine months to May 31, Sasbadi's net profit soared by 276.92% to RM11.66mil, from RM3.09mil in the corresponding period a year ago. This strong earnings momentum was in line with the increase of 52.07% in its revenue to RM79.57mil during the same period.
"We are delighted with our performance this quarter as our revenue and profit have outperformed pre-Covid-19 levels. The increasing demand for Sasbadi's unique products positions us as Malaysia's top choice for academic solutions among students, educators, and parents. This impressive growth also demonstrates Sasbadi's continued commitment to excellence and innovation in the academic solutions industry,” Law said.
