PETALING JAYA: Global packaging manufacturer and property developer Scientex Bhd delivered record results for the financial year ended July 31, 2024 (FY24), with revenue increasing 9.8% to RM4.5 billion, and net profit surging 24.4% to RM545.2 million.
The improved performance was primarily driven by robust demand in the property division, which recorded a 29.7% year-on-year increase in revenue to RM1.9 billion, supported by higher sales, strong take-up rates for its new property launches, and steady construction progress on ongoing projects across Peninsular Malaysia.
The packaging division held steady, contributing to the overall positive results with stable revenue of RM2.6 billion despite facing a challenging global landscape.
Scientex CEO Lim Peng Jin said: “FY24 has been a year of resilience and strategic execution for Scientex. Despite a challenging global market, our packaging division adapted to headwinds, maintaining stable revenue while prioritising operational efficiency. We continued to demonstrate our strength in innovation, developing customised, value-added packaging solutions that meet growing demand from our customers, particularly for sustainable and fully recyclable options.”
He added that the property division made significant strides in delivering more affordable housing, and expanding their reach with new project launches across several states.
Looking ahead, Lim said Scientex is well-positioned to achieve sustainable growth and this will be supported by their packaging division’s focus on innovative and sustainable solutions, and their property division’s strategic land acquisitions and pipeline of new launches. “Together, these strategies will strengthen our market leadership and create long-term value.”
In the fourth quarter ended July 31, 2024 (Q4’24), revenue grew 9.0% year-on-year to RM1.2 billion, while net profit expanded 18.2% to RM135.9 million. The growth was primarily contributed by the property division, where revenue rose 14.4% 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.
The packaging division also contributed to the positive results, with revenue up 5.1% to RM651.3 million in Q4’24, driven by growth in sales of industrial packaging products.
Scientex proposed a single-tier final dividend of six sen per share in respect of FY24 for shareholders’ approval. Together with the six sen interim dividend paid on July 19, the estimated total dividend payout amounts to RM186.2 million, representing 34.1% of the group’s net profit in FY24.
Commenting on the outlook for the coming financial year, Lim said, “While cognisant of the ongoing challenges in the global packaging market, we are committed to delivering sustainable performance. 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.”
