Hiap Teck Venture Records Higher 4Q Net Profit of RM47.49mil
Faced with a prolonged downtrend in steep prices, Hiap Teck Venture Bhd has turned its focus to streamlining operations and optimising costs.
However, the group said its downstream manufacturing and scaffolding businesses together with contributions form the upstream joint venture are expected to contribute positively to the overall performance of the group in the coming quarter.
In the fourth financial quarter ended July 31, 2024, the group's net profit rose to RM47.49mil from RM42.6mil in the year-ago quarter, translating to an earnings per share of 2.73 sen against 2.45 sen previously.
The group reported revenue of RM416.57mil, down from RM453.79mil in the comparative quarter.
Over the entire financial year, the group's net profit came to RM106.31mil up from RM30.91mil in the year before while revenue rose to RM1.68bil from RM1.59bil in FY23.
The board of directors have recommended a dividend of 0.5 sen per share subject to the approval of shareholders at the next annual general meeting.
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