KUALA LUMPUR, Sept 20 (Bernama) -- Scientex Bhd’s net profit for the financial year ended July 31, 2023 (FY2023), rose to RM438.14 million from the previous year’s RM409.87 million, on a record-high revenue of RM4.08 billion, buoyed by improved performance of its property division.
In a statement, the global packaging manufacturer and property developer said the group’s property segment drove top-line growth, increasing by 29.1 per cent to RM1.45 billion in FY2023 from RM1.12 billion previously, mainly attributed to strong take-up rates for new launches as well as higher sales and steady construction progress in ongoing projects.
“The robust property division mitigated the packaging segment’s performance, which continued to witness softer global demand coupled with higher operating costs. Packaging revenue reduced 8.2 per cent to RM2.63 billion in FY2023 versus RM2.86 billion a year ago,” it said.
For the fourth quarter (4Q) ended July 31, 2023, Scientex posted RM114.9 million net profit on RM1.07 billion revenue, compared to RM125.0 million net profit on RM1.11 billion revenue in the previous corresponding quarter.
Scientex has also proposed a single-tier final dividend of five sen for FY2023.
If approved, and taking into account the earlier-paid interim dividend of five sen per share, the company would have declared a total dividend of 10 sen per share for FY2023.
“The dividend payout of RM155.1 million represents 35.4 per cent of FY2023 net profit, thus exceeding the group’s dividend policy of a minimum 30 per cent of net profit,” it said.
Scientex chief executive officer Lim Peng Jin said the company is confident that the positive performance of the property division will continue to gain momentum in FY2024.
“As we anticipate robust demand for affordable housing, we are well prepared to seize this opportunity.
“In addition to launching several new phases in existing developments in Peninsular Malaysia, the expected completion of land acquisitions, including Jenjarom in Selangor, Tebrau and Kulai in Johor Bahru, will contribute positively in the near future.
“All in all, Scientex is well-placed to maintain its resilience in FY2024,” HE said.
As at July 31, 2023, the group’s ongoing development projects had a total gross development value of RM4.0 billion, primarily comprising double-storey landed homes priced at RM300,000 and below per unit.
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