Scientex 2Q net profit up 15% to RM112m on robust property sales


Artist impression of Scientex Tasek Gelugor

Scientex Bhd’s net profit for the second quarter ended Jan 31, 2021 (Q2), rose 15.1 percent to RM112.2 million as compared to RM97.5 million a year ago.

Revenue however fell to RM906.5 million from RM914.4 million previously, the group said in a statement yesterday.

It said the higher net profit was driven by robust property sales and construction progress, as well as stable packaging segment contributions.

“The property development segment reported 12.9 percent higher revenue of RM287.8 million from RM255 million previously.

“This was achieved through steady construction progress of the Taman Pulai Mutiara 2 and Scientex Durian Tunggal townships, higher sales from seven new launches across Johor, Melaka, Selangor, and Penang, as well as maiden contributions from Taman Scientex Kota Tinggi,” it said.

Chief executive officer Lim Pen Jing said the company is strengthening its position to support consumer-centric flexible plastic packaging for essential products, and
expected demand to remain stable.

“Additionally, we are forging ahead in the area of sustainable packaging and are intensifying our collaborations with customers to expand our range of fully-recyclable, sustainable and value-added products.

“Simultaneously, our property segment continues to trudge forward in line with higher sales recorded compared to the previous year.”

This signed the effectiveness of the group’s strategy to continuously expand across Peninsular Malaysia and cross new boundaries, with recent maiden launches in

Tasek Gelugor (Penang), Kundang Jaya (Selangor) and Kota Tinggi (Johor) already contributing positively to our earnings, he added.

Source: TheSunDaily.my


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