KUALA LUMPUR: Master Tec Group Bhd recorded a net profit of RM5.96 million for the third quarter ended Sept 30 2024 (3Q24).
Its revenue for the quarter rose 20.3 per cent to RM87.6 million compared to the second quarter (2Q24), driven by strong demand for low-voltage power cables and consistent growth in both domestic and export markets.
Mastec Tec announced a second interim single-tier dividend of 18 sen per share for the financial year ending Dec 31, 2024.
The dividend will be paid on Dec 16 with an entitlement date set for Dec 3.
Despite the higher revenue, its pre-tax profit for the quarter fell 19.7 per cent, or RM1.72 million, compared to the previous quarter.
This was attributed to lower administrative expenses in 2Q24, primarily due to initial public offering (IPO) costs.
"Excluding these non-recurring IPO expenses, the current quarter's pre-tax profit would be comparable to the previous quarter," it said.
For the cumulative nine-month period ending Sept 30 2024, Master Tec reported total revenue of RM227.6 million.
Its executive director Tee Kok Hwa said the results are a testament to the team's dedication and the trust clients place in its solutions.
"With consistent growth in core segments and promising expansion into power infrastructure through Sediacom Sdn Bhd, we are well-equipped to strengthen our market presence.
"Our focus remains on delivering sustainable growth and enhancing value for our shareholders," he added.