However, revenue for Q2 2024 remains stagnant.
Riverstone Holdings Limited saw its revenue expand by 7.4% year-on-year (YoY) to RM496.4m ($146.9m) in the first half of the year (H1 2024), fueled by demand for cleanroom and healthcare gloves.
However, revenue for Q2 2024 remained relatively flat (-1.0% quarter-on-quarter) despite port congestion from Red Sea diversions. Although, on a YoY basis it jumped 10.1% to $72.95m (RM246.9m).
Gross profit grew by 55.2% YoY to $58.2m (RM196.7m) with a gross profit margin of 39.6% for H1 2024, driven by product mix, a higher average selling price, and a lower cost of sales.
The top-line and gross profit contributed to a 54.6% YoY increase in net profit, reaching $42.8m (RM144.7m).
Meanwhile, the global semiconductor manufacturing industry projected a 6% YoY capacity expansion in 2024 and a 7% gain in 2025 to keep pace with growth in demand for high-performance chips.
($1.00 = RM3.38)