KUALA LUMPUR: Food processing and packaging machinery solutions provider EPB Group Bhd reported a net profit of RM2.5 million for the second quarter ended June 30, 2024 (2Q24).
EPB achieved a revenue of RM21.13 million, marking a 16.79 per cent increase from RM18.09 million in the previous quarter.
The growth was driven by higher customer order deliveries across all business segments.
This included food processing and packaging machinery solutions, the trading of cellulose casings, and the manufacturing and trading of flexible packaging materials.
EPB's net profit for the quarter was RM2.57 million, nearly doubling from the previous quarter, with a 99.77 per cent increase from RM1.29 million.
"The improvement in profitability was primarily attributed to the higher revenue achieved during the quarter, along with improved gross profit and increased other income, which included the higher reversal of allowance for impairment loss on trade receivables upon collection of outstanding balances from customers," it said.
EPB managing director Yeoh Chee Min said the company anticipates even better results in the second half as some of its larger projects may take up to six months for delivery and completion.
"With a robust order book of RM97.48 million as atJuly 31, 2024, of which RM90.51 million is expected to be fulfilled and billed in FY24, we are confident in our ability to deliver continued growth.
"The positive response to our initial public offering further strengthens our position to capitalise on these opportunities, and we remain committed to driving sustainable growth and creating value for our stakeholders," he added.