SCGM posts RM7.82mil profit in 2Q, declares 1.7 sen dividend

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KUALA LUMPUR: SCGM Bhd’s internet profit fell 18.57% to RM7.82mil in the second quarter ended Oct 31 (2Q22), from RM9.61mil posted a 12 months in the past, primarily resulting from larger deferred tax bills.

Its pre-tax of RM9.872mil was 8.1% decrease than the RM10.74 mil recorded in the previous 12 months’s corresponding quarter.

SCGM stated the decrease pre-tax profit was resulting from larger resin costs in spite of the upward adjustment of promoting costs in the second half of the monetary 12 months ended April 30, 2021 (2H21), in addition to prices of Covid-19 vaccination train and associated bills for employees throughout the present quarter.

The group posted a 18.9% development in income to RM72.5mil in 2Q22 from RM61mil a 12 months in the past, pushed by climbing demand for thermo-form meals and beverage (F&B) packaging in Malaysia and its export international locations.

SCGM has declared the second interim dividend of 1.7 sen per share in respect of FY22, which will likely be paid on Jan 26, 2022, with an ex-date on Jan 11, 2022.

Combined with the earlier-paid first interim dividend paid in October 2021, the dividend payout in respect of FY22 of RM7.1mil represents 44% of 1H22 internet profit, in tandem with SCGM’s dividend coverage of distributing at the least 40% of internet earnings to shareholders.

In the primary six months to Oct 31, SCGM posted a internet profit of RM16.11mil on income of RM141.84mil.

SCGM managing director Datuk Sri Lee Hock Chai stated that the reopening of financial sectors beneath the National Recovery Plan throughout the quarter, alongside the group’s giant buyer base and distribution community, had labored in the group’s favour.

“SCGM benefitted from the strong rebound in demand from F&B retailers and manufacturers, especially as Malaysia’s sectors gradually reopened after achieving high vaccination rate nationwide,” he stated in a press release.

Lee stated the group was additionally aware of the rising prices of uncooked supplies, notably resin, in comparison with the low-demand value factors a 12 months in the past.

“The upward revision in selling prices in the second half of financial year ended April 30 had only partially addressed the higher costs, but we are hoping to mitigate it further with customizing new products to develop a more favourable sales mix,” he stated.



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