KUALA LUMPUR: Master Tec Group Bhd registered a net profit of RM8.70 million in the second quarter (Q2) ended June 30, 2024 driven by the continued demand for its low-voltage power cables.
Master Tec's revenue stood at RM72.9 million while pre-tax profit was RM8.8 million, which marked the highest quarterly profit since its listing on the ACE Market in January 2024.
Master Tec's solid performance in Q2 FY2024 was primarily driven by the continued demand for its low-voltage power cables, which accounted for RM69.0 million, or 94.73 per cent, of the total revenue.
Master Tec declared a single-tier dividend of 0.390 sen per share in Q2 FY2024.
For the six-month period ended June 30, 2024, Master Tec recorded a net profit of RM 13.69 million with cumulative revenue of RM140.0 million, further cementing its status as a leading player in the industry.
Master Tec chief executive officer Tee Kok Hwa said this milestone is a clear reflection of the company's dedication and the trust its customers place in their products.
"As we venture into medium-voltage cables and expand our market coverage through export sales, we are confident that our continued focus on innovation and strategic growth will drive even greater success in the future," Tee added.