Source: PGF Capital’s net profits rises by 150% to RM5m (themalaysianreserve.com)

PGF Capital Bhd, formerly known as Poly-Glass Fibre (M) Bhd, saw its net profit increased 150% to RM5 million for the first quarter ended May 31, 2022 (1Q22), against RM2 million last year.

The mineral wool manufacturing company also saw 394% jump in this quarter compared to the preceding quarter (4Q21).

The company also posted RM25.9 million in revenue for the quarter compared to RM 17.06 million in the same corresponding quarter in 2021.

This was mainly due to higher production output and higher sales revenue attributed to its insulation segment, thereby recording higher profit for the group in the current financial year.

“The group observed a recovery in its production output and sales in the last quarter of financial year 2022 and continues the trend to stable and higher output and sales during the current quarter ended May 31, 2022, for the insulation and related products segment,” it said in an exchange filing.

Subsequently PGF Capital told the local bourse that its earnings per share rose to 3.13 versus 1.25 in the same period a year ago. — TMR / source: PGF Insulation FB