KUALA LUMPUR (July 25): Book publisher Sasbadi Holdings Bhd's net profit more than doubled to RM4.61 million in the third quarter ended May 31, 2023 (3QFY2023), on higher revenue mainly driven by its print publishing division.

Earnings per share increased to 1.07 sen from 0.48 sen a year ago.

Revenue for the quarter rose 51.78% to RM29.4 million, from RM19.37 million a year ago, due to strong sales of its academic publications for the new school academic year, which began in March this year, and contracts secured from the Ministry of Education (MOE).

For the first nine months of FY2023 (9MFY2023), Sasbadi's net profit rose more than three times to RM11.66 million, from RM3.09 million in the corresponding period a year ago. The strong earnings momentum was in line with the increase of 52.07% in its revenue to RM79.57 million, from RM52.32 million over the same period before.

“We have continued to stay ahead of the curve by offering innovative publications, including digital solutions, to ensure enhanced teaching and learning experiences. This has helped to boost our earnings during the current financial year. Our group's strength lies in our ability to produce quality academic publications, merging traditional and digital elements (hybrid academic publications) and aligning with the national curriculum's most recent requirements. As the academic landscape shifts towards digital, Sasbadi has managed to grow our market share by delivering innovative, competitive, and relevant hybrid academic publications," its managing director Law King Hui said in a statement.

Going forward, Law said the group's forward-looking strategies signal its intent to further diversify its product range to surpass customer expectations.

Against this backdrop, Law said mergers and acquisitions are part of Sasbadi's key strategy to drive growth for 4QFY2023 and beyond.

Shares in Sasbadi closed unchanged at 21 sen, giving the group a market capitalisation of RM91 million.