KUALA LUMPUR, July 27 – PT Resources Holdings Berhad (“PT Resources” or the “Company”), a leading processor and trader of frozen seafood products and other food items, announced an impressive 341.0% increase in profit after tax (PAT) for the fourth quarter ended 30 April 2023 (4Q FY2023). The company reported a net profit of RM18.6 million, compared to RM4.2 million in the same period last year. The remarkable growth in net profit was supported by a surge in revenue, which rose by 98.6% to RM146.5 million in 4Q FY2023, compared to RM73.8 million in the corresponding quarter of the previous financial year.
The frozen seafood processing and trading segment contributed RM140.1 million in revenue, while the trading of other products segment accounted for RM9.6 million. Geographically, Malaysia generated RM54.8 million in revenue, while overseas markets including China, Saudi Arabia, Indonesia, and the United Arab Emirates contributed RM91.7 million. For the 12-month period ended 30 April 2023 (12M FY2023), PT Resources reported a significant 72.8% increase in PAT to RM36.5 million, up from RM21.1 million in the previous year.
The company’s revenue also experienced substantial growth, reaching RM502.6 million in 12M FY2023, a 43.9% increase compared to RM349.1 million in the corresponding period of the previous financial year. Mr. Heng Chang Hooi, the Managing Director of PT Resources, attributed the strong financial performance to a 180.4% rise in gross profit, which reached RM20.8 million in 4Q FY2023, compared to RM7.4 million in the same quarter of the previous year. This increase in gross profit margin, rising from 10.0% to 14.2% in 4Q FY2023, was a result of competitive pricing through bulk purchasing.
Mr. Heng also noted that domestic demand increased by 22.9%, while overseas demand soared by 215.1%, driven by the reopening of economies in PT Resources’ target markets. Anticipating a substantial demand in China’s ready-to-eat or ready-to-cook industry, PT Resources plans to leverage its core business to supply significant quantities of raw materials to food production companies in China. The company aims to expand its presence across Southeast Asia, including China. Additionally, PT Resources intends to diversify its seafood variety and other products by sourcing supplies from Indonesia through its newly incorporated subsidiaries.
PT MCI International Indonesia and PT Resources International Group. Regarding potential challenges, PT Resources is mindful of the impact that the eventual release of wastewater from Fukushima, Japan, may have on the seafood industry. The company has developed contingency plans to address this potential issue. As of 30 June 2023, PT Resources’ share price stands at RM0.54, with a market capitalization of RM288.9 million.