PT RESOURCES REPORTS 125% PROFIT GROWTH IN 2QFY2024, AS OPERATIONAL EFFICIENCY YIELDS RESULTS

Steady operational execution and strategic market focus underpin consistent performance

KUALA LUMPUR, 21 DECEMBER 2023 – PT Resources Holdings Berhad ("PT Resources" or the "Company"), a processor and trader of frozen seafood products, and trader of other food products, today announced the financial results for second quarter ended 31 October 2023 ("2QFY2024"). The Company's Profit Before Tax (“PBT”) for 2QFY2024 recorded a robust RM18.85 million, a significant increase from RM8.42 million in 2QFY2023, reflecting a remarkable year-on-year growth of 125%, which proves the increase in global demand in the frozen seafood industry.

For 2QFY2024, The Company recorded a PBT of RM18.85 million, a significant increase compared to RM8.4 million in 2QFY2023, marking a remarkable year-on-year growth of 125%. This substantial increase in PBT, despite the overall decrease in revenue, underscores the Company's effectiveness in managing operational costs and achieving efficiency in the Company’s business operations.

In 2QFY2024, PT Resources achieved a total revenue of RM111.69 million. The Company's core focus, Malaysian market contributed to a 4.8% increase in local sales, China, a key market for the Company, recorded a RM29.60 million in revenue for the current quarter, while revenue from other international markets, including Saudi Arabia, Indonesia, Thailand, Singapore, and the United Arab Emirates, collectively amounted to RM5.66 million.

Managing Director of PT Resources, Mr. Heng Chang Hooi expressed enthusiastic outlook for the Company, "Our strategic direction has been rightly deployed, and our commitment to outstanding operational practices has led to an extraordinary profit growth in the second quarter of 2024. Following the challenging COVID-19 pandemic, the global frozen seafood market has been flourishing, especially in key overseas markets like China, where we have witnessed an increase in demand. Additionally, as we approach various festivals and holiday seasons, which are typically peak times for seafood demand, our high-quality seafood products continue to be favored in the market. Anticipating the short-term and long-term potential of the frozen seafood market, we have not only continued to cultivate our local Malaysian market but also established new subsidiaries in China and Indonesia, aiming to seize major opportunities amidst the rising tide of the global F&B industry. To strengthen our capabilities, we will fine tune our business strategies and continue to expand into markets such as Southeast Asia and China. However, we will also manage our operational costs effectively and actively address the challenges brought about by rising raw material and administrative costs. We are confident that these measures will allow PT Resources to root deeper, strengthen our position, achieve sustainable profitability, and be better poised to quickly and effectively capitalize on emerging opportunities."

Moving forward, PT Resources is well-positioned to take advantage of emerging market opportunities, particularly with the global economy's gradual recovery and the reopening of China's borders. The Company's plans for expansion in China and Indonesia, including the establishment of a new processing facility in Fuzhou City, highlight the Company’s commitment to growth and diversification.

PT Resources remains committed to exploring new business opportunities and strategic acquisitions to strengthen the financial standing of the Company. With a well-calibrated approach to market developments and risk management, the Company is poised to continue the trajectory of growth and success in the dynamic global marketplace.