KUALA LUMPUR, March 12 (Bernama) -- Scientex Bhd’s net profit fell 12.1 per cent to RM123.95 million in the second quarter ended Jan 31, 2025 (2Q FY2025) compared with RM141.01 million a year earlier.
The packaging solutions provider and property developer said its packaging division’s operating profit dropped to RM42.1 million from RM64.0 million in the preceding year’s corresponding quarter due to increased market competition in industrial packaging products.
Revenue, however, grew to RM1.11 billion from RM1.09 billion previously amid the better performance of the property division, it said in a filing with Bursa Malaysia today.
“Property revenue stood at RM474.4 million, reflecting an increase of 3.8 per cent compared to RM456.9 million previously, contributed by steady construction progress for all developments and the completion of seven projects with certificate of completion and compliance (CCC) in northern, central and southern Peninsular Malaysia,” it said.
Scientex said that in addition, its new launches in Pulai and Senai (Johor), Sungai Dua (Penang), Ipoh (Perak), Jenjarom (Selangor) and Jasin (Melaka) received “overwhelming” responses, further contributing to the rise in revenue.
Meanwhile, Scientex said the packaging division’s revenue remained stable at RM630.7 million compared to RM635.8 million previously.
For the first half of FY2025, the group’s net profit declined to RM252.55 million from RM278.85 million in the preceding year’s matching period, but revenue widened to RM2.21 billion from RM2.20 billion.
On prospects, Scientex said that despite the challenging external environment, the packaging division remains committed to drive sustainable performance in the current financial year.
It said measures to enhance housing affordability under Budget 2025 along with stability of the Overnight Policy Rate at three per cent are expected to boost buyer confidence, increase take-up rates, and sustain the sales momentum for Scientex’s affordable housing projects.
“The encouraging response to our recent launches across Malaysia reflects the market’s resilience and growing interest in our developments.
“Building on this momentum, the land acquisitions in Bestari Jaya, Selangor; Jawi, Penang; and Pulai, Johor along with the latest 528 acres (213.67 hectares) land acquisition in Paya Rumput, Melaka, are expected to enhance the property division’s performance and expand its market presence,” it said.
Scientex said it maintains a positive outlook and is on track to achieve satisfactory performance in FY2025.
-- BERNAMA
