Kuala Lumpur, Dec 22: PT Resources Holdings Berhad (“PT Resources” or the “Company”), a prominent player in the frozen seafood processing and trading industry, as well as other food products, unveiled its financial performance report for the second quarter ending on October 31, 2023, referred to as “2QFY2024”.
The Company has demonstrated robust growth, with a Profit Before Tax (“PBT”) of RM18.85 million for 2QFY2024, marking a significant surge from RM8.42 million in 2QFY2023.
This remarkable year-on-year increase of 125 per cent underscores the surging global demand within the frozen seafood sector.
During 2QFY2024, PT Resources achieved a PBT of RM18.85 million, a substantial rise compared to RM8.4 million in 2QFY2023, highlighting the Company’s adeptness in cost management and operational efficiency, even amid an overall decrease in revenue.
In terms of revenue, for 2QFY2024, PT Resources reported total revenue of RM111.69 million.
The Company’s primary focus, the Malaysian market, contributed to a 4.8 per cent increase in local sales. China, a pivotal market for the Company, recorded revenue of RM29.60 million in the current quarter, while income from other international markets, including Saudi Arabia, Indonesia, Thailand, Singapore, and the United Arab Emirates, collectively amounted to RM5.66 million.
Heng Chang Hooi, Managing Director of PT Resources, expressed his optimistic outlook for the Company, stating, “Our strategic vision has been effectively executed, leading to exceptional profit growth in the second quarter of 2024. In the wake of the challenging COVID-19 pandemic, the global frozen seafood market has thrived, especially in key overseas markets like China, where we have observed heightened demand.
Furthermore, as we approach various festivals and holiday seasons, traditionally peak times for seafood consumption, our high-quality seafood products continue to be highly favoured.
Recognizing both the short-term and long-term potential of the frozen seafood market, we have not only nurtured our local Malaysian market but have also established new subsidiaries in China and Indonesia to tap into significant opportunities within the growing global F&B industry.
To fortify our capabilities, we will fine-tune our business strategies and further expand into markets such as Southeast Asia and China.
Nevertheless, we are committed to effectively managing operational costs and addressing challenges stemming from rising raw material and administrative expenses. We are confident that these measures will enable PT Resources to deepen its roots, bolster its position, achieve sustainable profitability, and be well-prepared to swiftly capitalize on emerging opportunities.”
Looking ahead, PT Resources is strategically positioned to leverage emerging market prospects, particularly as the global economy gradually recovers and China’s borders reopen.
The Company’s expansion plans in China and Indonesia, including the establishment of a new processing facility in Fuzhou City, underscore its dedication to growth and diversification.
PT Resources remains steadfast in its pursuit of new business opportunities and strategic acquisitions aimed at reinforcing the Company’s financial stability.
With a finely tuned approach to market dynamics and risk management, the Company is poised to sustain its growth trajectory and success within the dynamic global marketplace.
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