Mega First sees better earnings for core ops

PETALING JAYA: Mega First Corp Bhd posted a RM95.5mil net profit for its first quarter ended March 31 (1Q24), representing a 35.5% year-on-year (y-o-y) surge despite revenue dropping by 9.8% to RM313mil.

In a filing with Bursa Malaysia, the group said all its core divisions recorded improvements in pre-tax profit, especially its resources segment which posted a 150.3% y-o-y increase to RM14.4mil, while pre-tax earnings of its packaging division expanded by 17.6% y-o-y to RM8.6mil.

Mega First said the improved net profit was due primarily to higher sales in its resources division, coupled with improved cost efficiency in the packaging segment.

The group expects the growth momentum to continue for the remainder of the year, driven by expected improved earnings performance across its three core businesses of resources, renewable energy and packaging divisions.

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