Kuala Lumpur, June 30: PT Resources Holdings Berhad, a leading processor and trader of frozen seafood products, as well as other food items, announced a remarkable surge in its profit after tax (PAT) for the fourth quarter ended April 30, 2023. The company reported a staggering 341.0 percent increase in PAT, amounting to RM18.6 million, compared to RM4.2 million in the same period of the previous year (4Q FY2022).
The revenue for the fourth quarter of FY2023 also witnessed a substantial rise, reaching RM146.5 million, which represents a notable growth of 98.6 percent compared to RM73.8 million in the corresponding quarter of the previous financial year. Among the company’s revenue sources, the processing and trading of frozen seafood products contributed RM140.1 million, while the trading of other products business 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.
Over the 12-month period ending April 30, 2023 (12M FY2023), PT Resources recorded a robust 72.8 percent increase in PAT, totaling RM36.5 million, compared to RM21.1 million in the previous fiscal year. Additionally, the company’s revenue for the same period reached RM502.6 million, marking a substantial growth of 43.9 percent compared to RM349.1 million in the corresponding period of the previous financial year.
Heng Chang Hooi, the Managing Director of PT Resources, attributed the company’s impressive financial performance to a 180.4 percent gain in gross profit, amounting to RM20.8 million in the fourth quarter of FY2023. This increase in gross profit margin, which rose to 14.2 percent compared to 10.0 percent in 4Q FY2022, was primarily driven by competitive pricing strategies achieved through bulk purchasing. Furthermore, the surge in domestic demand by 22.9 percent and a remarkable 215.1 percent increase in overseas demand, resulting from the reopening of the economies in target markets, played a significant role in bolstering the company’s success.
Hooi emphasized PT Resources’ focus on capitalizing on the enormous demand within China’s ready-to-eat or ready-to-cook industry. Leveraging the company’s core business, PT Resources has been successfully supplying substantial quantities of raw materials to the ready-to-eat or ready-to-cook industry, as well as food production companies in China. With plans to expand across Southeast Asia, including China, the company remains optimistic about its future prospects. Moreover, PT Resources aims to diversify its seafood variety and other product offerings by sourcing supplies from Indonesia through its newly incorporated subsidiaries, PT MCI International Indonesia and PT Resources International Group.
Recognizing the potential impact on the seafood industry from the eventual release of wastewater from Fukushima, Japan, PT Resources has developed comprehensive contingency plans to address any challenges that may arise.
As of June 30, 2023, PT Resources’ share price stands at RM0.54, with a market capitalization of RM288.9 million.
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