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Power Root Bhd’s sales and net profit growth is expected to re-accelerate in the fourth quarter of financial year 2024 (4Q24) onwards premised on higher exports to the Middle East on restocking activities and higher sales contributions from Saudi Arabia as its new distributor ramps up sales initiatives.
Higher sales in local and export markets boosted Power Root Bhd’s net profit by 87.14% to RM11.28 million in the third quarter ended Dec 31, 2022 (3QFY2022) from RM6.03 million a year earlier. Quarterly revenue rose 11.65% year-on-year to RM106.68 million from RM95.55 million before. As a result, earnings per share improved to 2.7 sen from 1.4 sen before, the instant and canned beverage manufacturer’s filing with Bursa Malaysia showed.
THE recovery theme was well in play even before Malaysia began its transition to the endemic phase of Covid-19 on April 1 because markets traditionally move ahead of the economy and financial results by at least six months. Some stocks began to rally in the early part of the year as investors anticipated that they would benefit from the reopening of borders. While some companies have continued to gain after the reopening of all economic sectors, profit-taking has had an effect on some stocks despite turning in a better financial performance year on year.
KUALA LUMPUR (Nov 22): Here is a brief recap of some corporate announcements that made news on Tuesday (Nov 22), involving TIME dotCom Bhd, Gamuda Bhd, AirAsia X Bhd (AAX), Supermax Corp Bhd, Pavilion Real Estate Investment Trust (PavREIT), Sime Darby Plantation Bhd, Telekom Malaysia Bhd (TM), Hibiscus Petroleum Bhd, Guan Chong Bhd, Sunway Construction Group Bhd (SunCon), Power Root Bhd and Boustead Plantations Bhd.
Power Root Bhd’s net profit jumped by more than seven times to RM15.26 million in the first quarter ended June 30, 2022 (1QFY23) from RM2 million a year ago, lifted by favourable product sales mix. Earnings per share rose to 3.7 sen from 0.5 sen. The better profit was also lifted by a gain on foreign exchange of RM744,000 compared with RM214,000 previously, said the beverage maker in a filing with Bursa Malaysia.