MASTER TEC REPORTS RECORD-BREAKING QUARTER WITH PBT GROWTH OF 71.55% TO RM8.8 MILLION IN Q2 FY2024

Continued Business Success Driven by Robust Demand and Strategic Expansion Plans

ALOR GAJAH, 19 AUGUST 2024 – Master Tec Group Berhad (“Master Tec” or the “Group”), a premier player in the manufacturing and distribution of power, control and instrumentation cables, announces a record-breaking financial performance for the second quarter ended 30 June 2024 (“Q2 FY2024”). The Group delivered a revenue of RM72.9 million and Profit Before Tax (“PBT”) of RM8.8 million, marking the highest quarterly PBT since its listing on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) in January 2024.

Master Tec’s solid performance in Q2 FY2024 was primarily driven by the continued demand for its low-voltage power cables, which accounted for RM69.0 million, or 94.73%, of the total revenue. The Group’s strategic focus on expanding its product portfolio and market reach, particularly in the manufacturing of medium-voltage power cables and export sales, has positioned it for sustained growth ahead.

The Group’s PBT for Q2 FY2024 soared to RM8.8 million, reflecting a significant increase of 71.55% compared to the immediate preceding quarter (“Q1 FY2024”) due to lower administrative expenses incurred in the current quarter. The higher administrative expenses incurred in Q1 FY2024 was primarily related to Initial Public Offering (“IPO”) expenses.

Bolstered by robust revenue and PBT growth, Master Tec is pleased to declare a single-tier dividend of 0.390 sen per ordinary share in Q2 FY2024. This declaration of dividend not only reflects our commitment to delivering value to shareholders but also underscores the Group’s strong cash-generating capabilities and financial resilience.

For the six-month period ended 30 June 2024 (“6M FY2024”), Master Tec recorded a cumulative revenue of approximately RM140.0 million, further cementing its status as a leading player in the industry. The Group’s gross profit for the period reached RM18.2 million, with a robust gross profit margin of 13.03%, and a PBT of RM13.9 million, despite the one-off listing expenses incurred earlier in the year.

Mr. Tee Kok Hwa, Chief Executive Officer of Master Tec Group commented on the record-breaking results, “We are thrilled to have achieved the highest quarterly PBT since our IPO. This milestone is a clear reflection of our team’s dedication and the trust our customers place in our products. As we venture into medium-voltage cables and expand our market coverage through export sales, we are confident that our continued focus on innovation and strategic growth will drive even greater success in the future.”

As at 5:00 P.M., 19 August 2024, Master Tec’s share price closed at RM1.06, reflecting a market capitalisation of RM1.08 billion.