KUALA LUMPUR: Scientex Bhd's net profit fell 6.7 per cent to RM128.6 million for the first quarter (Q1) ended October 31, 2024, compared with RM137.8 million a year ago due to lower profits from its packaging segment.
Group revenue remained consistent with the RM1.1 billion reported in the previous corresponding quarter.
The property division was the key performance driver, with revenue rising 6.0 percent to RM483.7 million from RM456.1 million previously, driven by steady construction progress across the Northern, Central, Melaka, and Johor regions, coupled with strong take-up rates for ongoing projects.
Scientex shareholders have today approved a final dividend of 6 sen per share in respect of the financial year ended July 31, 2024 (FY24), with the ex-date set for January 7, 2025, and the payment date on January 17, 2025.
With the earlier interim dividend of six sen per share, the total dividend for FY24 amounts to 12 sen per share.
This represents a total payout of RM186.5 million, equivalent to 34.2 per cent of the company's FY24 net profit.
Chief executive officer Lim Peng Jin said Scientex's property division continues to benefit from robust demand for affordable homes.
"By focusing on strategically located projects and expanding our portfolio of quality, cost-effective homes, we are able to meet market demand while improving housing accessibility," said Lim.
On its prospect, Lim said the company sees long-term opportunities in the flexible packaging industry, supported by its ready capacity and capabilities to innovate and develop customised value-added packaging solutions.
"While the global packaging market remains subdued due to ongoing supply chain disruptions and geopolitical tensions, the demand for flexible packaging persists, given its essential role in everyday activities," he added.