KUALA LUMPUR: Scientex Bhd, a global packaging manufacturer and property developer, reported a 24.4 per cent rise in net profit for the financial year ended July 31, 2024 (FY24), reaching RM545.2 million, up from RM438.1 million in the previous year.
The company's revenue increased by 9.8 per cent to RM4.5 billion, compared to RM4.07 billion the year before.
Scientex attributed the improved performance to strong demand in its property division, which saw a 29.7 per cent year-on-year (YoY) revenue growth to RM1.9 billion.
This was driven by higher sales, robust demand for its new property launches, and steady progress on ongoing projects across Peninsular Malaysia.
Its packaging division remained stable, contributing RM2.6 billion in revenue, despite challenges in the global market.
Scientex said it has proposed a final single-tier dividend of 6 sen per share for FY24, pending shareholder approval at the upcoming Annual General Meeting.
Combined with the 6 sen interim dividend paid on July 19, 2024, the total estimated dividend payout stands at RM186.2 million, or 34.1 per cent of the company's FY24 net profit.
In the fourth quarter ended July 31, 2024 (4Q24), revenue grew by 9 per cent YoY to RM1.2 billion, while net profit rose by 18.2 per cent to RM135.9 million.
The growth was primarily contributed by the property division, where revenue rose 14.4 per cent to RM517 million on the back of steady construction progress and robust demand for new launches in Bandar Jasin, Rawang, Kundang, Sungai Petani, Tasek Gelugor, and Pulai.
Scientex chief executive officer Lim Peng Jin the company is committed to deliver sustainable performance despite the ongoing challenges in the global packaging market.
"Our focus on operational efficiency, cost management, and the development of innovative, sustainable packaging solutions enable us to navigate these complexities.
"In the property division, the consistent demand for affordable homes presents compelling opportunities ahead, which we will continue to leverage through land acquisitions and a steady stream of new project launches," he said.