Scientex posts 1Q net profit of RM137.84mil

KUALA LUMPUR: Scientex Bhd is expecting a sustainable performance in its packaging division for the coming year, while projecting resilient demand for its property division.

In the first quarter of its 2024 financial year (FY24), Scientex registered a net profit of RM137.84mil, up from RM107.18mil, which brought its earnings per share higher to 8.89 sen from 6.91 sen previously.

The group's revenue was RM1.11bil, up from RM1.03bil in the same quarter in 2022.

The group, which has been experiencing slowing global market demand due to inflationary pressure, as well as rising interest rates and energy costs, said it will remain focused on its operational efficiency.

"As part of the continuous efforts in mitigating the rising energy cost, the packaging division has adopted solar PV systems at some of its plants and looking forward to implement across all its local plants in the long term.

"With the initiation into renewable energy, it will reduce the group’s carbon footprint making its operations even more sustainable," it said in a stock exchange filing.

Meanwhile, it said the property division will launch new phases of affordable housing across its developments in Peninsular Malaysia to meet demand, as well as acquire competitively priced landbank to sustain long-term development.