PETALING JAYA (June 23): Packaging manufacturer and property developer Scientex Bhd’s net profit rose 57.8% year-on-year (yoy) to RM109.9 million in the third quarter of FY2021.
In a press statement today, the company said its packaging and property development segments have contributed to the record-high revenue of RM976.8 million in 3Q21, an increase of 26.5% yoy.
The main contributor is its packaging segment which recorded a total revenue of RM671.5 million, thanks to the increased sales of flexible plastic packaging (FPP) to domestic and export markets.
Its property development segment, on the other hand, saw its revenue doubled from RM157.8 million in 3Q21 to RM305.3 million.
The healthy progress of its property segment was catalysed by stronger progress billings from ongoing developments across various states while also enjoying healthy take-up rates from its five newly-launched projects at Scientex Tasek Gelugor in Penang, Scientex Kundang Jaya in Selangor and Scientex Durian Tunggal 2 in Melaka.
“Prioritising the safety of our employees is paramount. We believe that our pursuit of business growth must correspond with equal fervour in upholding the welfare of our employees, in line with our core values of being healthy, friendly and happy,” said Scientex Bhd chief executive officer Lim Peng Jin.
Lim said the company remains on firm footing in the global flexible packaging market and in Malaysia’s affordable homes segment; both of which fulfill essential needs of food and beverage, lifestyle necessities and shelter.
He added that Scientex is also confident of the long-term prospect of affordable homes sales.
“In 3Q21, we completed the acquisition of 319 acres of land in Sungai Petani, Kedah, and Jasin, Melaka for RM111.5 million to meet robust demand for affordable homes. We target to launch new projects on these lands in the coming financial year ending July 31, 2022,” Lim said.
Get the latest news @ www.EdgeProp.my
Subscribe to our Telegram channel for the latest stories and updates