PETALING JAYA: Natural rubber processor Seng Fong Holdings Bhd
’s net profit jumped by more than five-fold year-on-year to RM16.49mil in the fourth quarter ended June 30, 2024 (4Q24).
The stronger bottomline was achieved on the back of higher sales volume, driven by the increased production hours after the addition of a second working shift in all the three factories.
The lower diesel cost of RM7.1mil in 4Q24, which was slashed by nearly half year-on-year following the operation of both biomass systems, also helped to raise net profit.
The group’s revenue for 4Q24 rose by 38.7% y-o-y to RM331.27mil.
Following the improved profitability, Seng Fong’s earnings per share increased to 2.29 sen. A dividend of 1.5 sen was declared for the quarter.
For the full year ended June 30, 2024, Seng Fong’s net profit rose from RM22.6mil a year earlier to RM57.33mil.
