RCE Capital Bhd’s net profit slipped a marginal 1.7% to RM34.56 million for the third quarter ended Dec 31, 2023 (3QFY2024), from RM35.18 million a year earlier, on higher directors' remuneration and staff costs as well as allowances for impairment loss on receivables, despite a 7.16% rise in quarterly revenue to RM87.41 million from RM81.57 million previously.

KUALA LUMPUR (Feb 8): RCE Capital Bhd’s net profit slipped a marginal 1.7% to RM34.56 million for the third quarter ended Dec 31, 2023 (3QFY2024), from RM35.18 million a year earlier, on higher directors' remuneration and staff costs as well as allowances for impairment loss on receivables.

Earnings per share eased to 4.72 sen from 4.8 sen, according to the consumer financing firm’s bourse filing on Thursday.

This was despite a 7.16% rise in quarterly revenue to RM87.41 million from RM81.57 million previously, due to higher profit and fee income.

Meanwhile, for the first nine months of FY2024, RCE Capital posted a 5.53% increase in net profit to RM109.69 million, as compared with RM103.94 million in the same period a year ago.

This was on the back of a 7.56% rise in revenue to RM259.2 million from RM240.99 million previously, as well as higher other income.

Looking at the remaining quarter of FY2024, RCE Capital said the rising trend in Malaysia’s gross domestic product leads towards rising consumer spending momentum, which will in turn potentially translate to higher demand for financing.

“Apart from introducing more sales campaigns to boost disbursement and expand customer base, the group is committed to improve its delivery channels by ongoing digitalisation initiatives to ensure sustainability of its business operations,” the group said.

“The group remains prudent on the above positive economic development and expects to end FY2024 profitably,” it added.

Shares in RCE ended one sen or 0.32% lower at RM3.14, giving the group a market capitalisation of RM2.33 billion.