PETALING JAYA: Scientex Bhd registered a 15.1% higher net profit of RM112.17 million in the second quarter ended Jan 31, compared with RM97.47 million a year ago, on robust property sales and construction progress, as well as stable packaging segment contributions.
Revenue decreased slightly to RM906.5 million in Q2’21 from RM914.4 million in the previous year’s corresponding quarter.
The property development segment reported 12.9% higher revenue of RM287.8 million, from RM255 million previously, on steady construction progress of the Taman Pulai Mutiara 2 and Scientex Durian Tunggal townships, higher sales from seven new launches across Johor, Malacca, Selangor and Penang, as well as maiden contributions from Taman Scientex Kota Tinggi.
Meanwhile, the packaging segment’s operating profit decreased to RM63 million from RM65.2 million previously, as the segment faced an increase in raw material costs and sudden surge in freight costs due to a global shortage of shipping containers.
Scientex registered seven new launches in Q2’21 across Scientex Tasek Gelugor in Penang, Scientex Kundang Jaya in Selangor, Scientex Durian Tunggal in Malacca, as well as Scientex Kota Tinggi and Scientex Pulai in Johor. These seven new launches feature close to 2,000 units of affordable two- and three-storey homes, with a combined gross development value of RM427 million.
For the first half, the group posted a net profit of RM204.7 million on a revenue of RM1.7 billion, from RM178.44 million and RM1.8 billion respectively a year before.
Scientex plans to expects to launch its first development in Malacca in the fourth quarter of the current financial year, while a development on a 109-acre piece of land in Seremban is expected to be launched in early 2022, marking the group’s maiden entry into Negri Sembilan.
“Our latest ambitious landbank expansion initiatives would go a long way in helping us meet our goal of building 50,000 affordable homes by 2028, with more than 22,000 already built to date.
““We are cautiously optimistic that the global packaging market would post a gradual but firm recovery on the back of improving economies and with global vaccination efforts under way. Meanwhile, we will also focus on improving production efficiency to drive down operational costs as we look to rebound strongly from this uncertain period,” said Lim.
