Master Tec announcesd its second quarter ended 30 June 2024 delivering a revenue of RM72.9 million and Profit Before Tax of RM8.8 million, marking the highest quarterly PBT since its listing on the ACE Market of Bursa Malaysia Securities Berhad in January 2024.
Tthe perfomance was primarily driven by the continued demand for its low-voltage power cables, which accounted for RM69.0 million, or 94.73%, of the total revenue. The Group's strategic focus on expanding its product portfolio and market reach, particularly in the manufacturing of medium-voltage power cables and export sales, has positioned it for sustained growth ahead.
The Group's PBT for Q2 FY2024 increased to RM8.8 million, reflecting a significant increase of 71.55% compared to the immediate preceding quarter due to lower administrative expenses incurred in the current quarter. The higher administrative expenses incurred in Q1 FY2024 was primarily related to Initial Public Offering ("IPO") expenses.
Master Tec declared a single-tier dividend of 0.390 sen per ordinary share in Q2 FY2024.
For the six-month period ended 30 June 2024 Master Tec recorded a cumulative revenue of approximately RM140.0 million, further cementing its status as a leading player in the industry. The Group's gross profit for the period reached RM18.2 million, with a robust gross profit margin of 13.03%, and a PBT of RM13.9 million, despite the one-off listing expenses incurred earlier in the year.
