Riverstone’s Q1 2024 net profit rises 54.5% to RM72.2 million

Riverstone reported good results.

Riverstone reported a net profit of RM72.2 million (S$20.7 million) for the first quarter of its 2024 fiscal year ended Mar 31, a 54.5% increase from RM46.7 million for the same period a year earlier.

This marks its fifth consecutive quarter of sequential growth, said the company in a bourse filing on Thu (May 9).

Results were primarily driven by higher sales volume from the cleanroom glove segment following the recovery of semiconductor and consumer electronics industries.

The gross profit margin improved to 39.1% from 26% due to the higher average selling price and lower costs of sales.

Riverstone recommended an interim dividend of four sens per ordinary share, which translates to a dividend pay-out ratio of 82.1% for the quarter.