PLYTEC Holding Berhad, a leading player in construction engineering solutions and building materials distribution, has announced its second-quarter financial results for the year ending 31 December 2024 (Q2FYE2024).
For the quarter, PLYTEC achieved a profit before tax (PBT) of RM5.9 million and a profit after tax and minority interest (PATAMI) of RM4.2 million, supported by a revenue of RM46.8 million. The Group reported a gross profit of RM12.3 million, with a gross profit margin of 26.3%.
For the first half of the year (6MFYE2024), PLYTEC's revenue totalled RM92.3 million, with a gross profit of RM24.3 million. PBT reached RM11.1 million, and PATAMI climbed to RM7.5 million, exceeding the full-year 2023 PATAMI of RM6.5 million.
Segmental Highlights for Q2FYE2024:
- Construction Method Engineering Solutions (CME): This segment, which includes the rental and sale of temporary works equipment such as self-climbing platforms and modular shoring systems, generated RM21.8 million, accounting for 46.8% of total revenue. Of this, RM12.4 million was from rentals (56.9% of CME revenue), and RM9.4 million came from sales (43.1%).
- Trading and Distribution of Building Materials (BMD): Contributed RM22.9 million, or 48.9% of Q2FYE2024's revenue, primarily from core and general product sales.
- Digital Design and Engineering Solutions (DDE): The Building Information Modelling (BIM) solution, which provides digital design engineering services, generated RM1.3 million in revenue.
- Prefabricated Construction Solutions (PC): This segment, which serves the southern region of Malaysia, contributed RM0.7 million in revenue.
Yang Kian Lock, Group Managing Director and Chief Executive Officer of PLYTEC, commented on the results, "We are pleased with our strong performance in the first half of 2024, which sets us up for continued success throughout the year. Our solid order book for modular shoring systems indicates sustained demand for our temporary works equipment, which helps our clients meet stringent certification requirements."
"Our recent acquisition, Dansea Construction Products Sdn. Bhd., focuses on manufacturing Pecaform, a foundation formwork system that complements our CME segment. We are also expanding our global footprint through participation in international exhibitions and preparing for upcoming government infrastructure projects. With the Construction Industry Development Board's (CIDB) mandate for BIM usage in major projects valued at RM10.0 million and above, we anticipate stable performance from our BMD and DDE segments," he added.
