KUALA LUMPUR: PGF Capital Bhd's net profit surged to RM2.03 million in the third quarter (Q3) ended November 30, 2022 (FY23) from RM39,000 recorded in the same quarter a year ago.
In Q3, PGF's revenue increased 31.3 per cent to RM17.75 million from RM13.52 million.
In a statement today, the glass mineral wool insulation manufacturer said its insulation segment continues to be the largest contributor to its topline, contributing RM17.36 million in Q3 FY23 which translates to 98 per cent of its total revenue.
This translated to an increase of RM4.17 million or 32 per cent as compared to the corresponding period of the previous year.
Besides that, it said the production output has increased during the current quarter under review with
sales delivery on schedule.
Meanwhile, the company's investment holding segment registered a profit before tax (PBT) of RM2,000 while its property development segment incurred a loss before tax (LBT) of RM0.24 million.
The Others segment, which includes the agriculture and aquaculture activities, incurred a LBT of RM0.51 million.
This is due to an increase in activities and expenditures incurred before harvesting, it added.
For the nine-month period, PGF's net profit surged to RM11.16 million from RM1.05 million, while revenue grew 62.3 per cent to RM66.14 million from RM40.76 million.
Executive chairman Fong Wern Sheng said in line with the company's plan to increase market share in the Oceania region, it has secured the leases of multiple warehouses in strategic locations across major cities in Australia through our wholly-owned subsidiary PGF Insulation Pty Ltd.
"We had set up our regional headquarter in Melbourne, Australia which enabled the group to be in closer proximity to the Oceania market, increasing our ability to provide localized solutions and offer a wider range of products to the market.
"As such, we are cautiously optimistic about our future in the Oceania region.
"We also believe the demand from this region will continue to be strong due to the revision of the National Construction Code (NCC) in Australia and Building Code in New Zealand which require more insulation to achieve higher energy efficiency ratings for their buildings.
"This bodes well with PGF's expansion plans in the region," he said.