Chin Hin posts sharply higher 4Q net profit on higher contributions by JVs

• Chin Hin said the demand for building materials in Malaysia remains robust, with economic growth expected to normalise in 2024, supported by ongoing major infrastructure projects.

KUALA LUMPUR (March 1): Home-grown building materials specialist Chin Hin Group Bhd’s fourth quarter net profit increased by more than six times from a year earlier, on the back of higher earnings from its joint ventures (JVs) and associates, as well as a disposal gain of RM9.12 million from its subsidiary.

The net profit jumped to RM96.6 million or 5.46 sen per share for the quarter ended Dec 31, 2024 (4QFY2023), from RM15.67 million or 0.89 sen per share previously, according to the group's bourse filing on Thursday.

Quarterly revenue rose 3.56% to RM527.41 million from RM509.26 million in 4QFY2022, driven by the higher volume of the wall panel and autoclaved aerated concrete blocks sold to private and government projects in Singapore, as well as the local market in Malaysia.

Full-year net profit expanded 55.03% to a record high of RM150.11 million from RM96.83 million in FY2022, while revenue grew 26.24% to RM2.06 billion from RM1.63 billion.

Chin Hin said the demand for building materials in Malaysia remains robust, with economic growth expected to normalise in 2024, supported by ongoing major infrastructure projects.

The group's shares closed down 13 sen or 3.24% at RM3.88 on Thursday, valuing the group at RM6.87 billion.

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