KUALA LUMPUR: Sasbadi Holdings Bhd's net profit has more than doubled to RM4.61 million for the third quarter (Q3) ended August 31, 2023 (FY23) from RM2.03 million a year ago.
The growth was mainly driven by the increase of 51.78 per cent in its revenue to RM29.40 million in Q3 as compared to RM19.37 million recorded in Q3 FY22.
The strong earnings momentum reported during the current financial year was also mainly attributed to Sasbadi's print publishing division, which reported strong sales of academic publications corresponding with the new school academic year beginning in March 2023.
Sasbadi registered a higher revenue of RM29.4 million for the quarter compared to RM19.37 million.
For the cumulative period of nine months, the company's net profit soared by 276.92 per cent to RM11.66 million from RM3.09 million previously, while revenue increased to RM79.57 million to RM52.32 million.
Sasbadi group managing director Law King Hui said the company is delighted with its performance this quarter as its revenue and profit have outperformed pre-Covid-19 levels.
"The increasing demand for Sasbadi;s unique products positions us as Malaysia's top choice for academic solutions among students, educators, and parents.
"This impressive growth also demonstrates Sasbadi's continued commitment to excellence and innovation in the academic solutions industry," he said in a statement.
Going forward, Sasbadi has entered into a strategic partnership with e-commerce giant, Shopee.
This partnership will see Shopee earmarking up to RM50 million from July 1, 2023 to February 29, 2024, assisting students in acquiring Sasbadi publications.
The collaboration aims to bolster sales while also supporting underserved communities.