22 Jan 2024 PGF Capital 3Q Profit Jumps 168% As Business Picks Up
PGF Capital Berhad released its nine months financial results registering a revenue of RM36.7 million which is 106.7% year-on-year increase from the RM17.8 million recorded in the same quarter last year.
In line with improved revenue, the group’s profit before tax jumped by 168.8% YoY to RM6.1 million, as compared to RM2.3 million recorded in 3QFY23.
The Insulation and Related Products segment was the main contributor to both revenue and PBT during the quarter under review. The segment registered higher revenue of RM36.3 million, a 109.3% YoY increase from RM17.4 million in 3QFY23, reflecting the improvement of the production output after the completion of the repair and maintenance work on one of the production lines and the ongoing recovery in the construction industry in Australia. PBT grew by 100.7% YoY to RM7.4 million from RM3.7 million from a year ago in tandem with the improved business environment.
For the cumulative 9MFY24, the Group reported a notable 44.1% YoY surge in revenue, amounting to RM95.3 million compared to RM66.1 million in the corresponding period of the previous year (“9MFY23”). This robust growth was driven by the Insulation segment as the business recorded 44.7% rise in revenue YoY, reaching RM93.8 million in 9MFY24 compared to RM64.8 million from a year ago.
Consequently, PGF Capital’s overall PBT for the period under review stood at RM16.7 million, 29.0% higher YoY from RM12.9 million recorded in 9MFY23.
PGF Capital’s 3QFY24 total revenue grew 21.8% quarter-on-quarter (“QoQ”) to RM36.7 million from RM30.1 million registered in the immediately preceding quarter (“2QFY24”) following the recovery of its production output and increased sales in Australia. In line with improved revenue, 3QFY24 PBT of RM6.1 million was 34.2% higher QoQ than 2QFY24’s RM4.6 million.