KUALA LUMPUR (March 27): Frozen seafood supplier PT Resources Holdings Bhd reported a net profit of RM14.56 million for its latest quarter, over seven times the RM1.97 million it made a year earlier, as revenue increased amid higher domestic and overseas demand. Earnings per share rose to 2.47 sen from 0.37 sen.

Revenue for the three months ended Jan 31, 2024 (3QFY2024) came in at RM165.04 million, up 42.96% from RM115.44 million in 3QFY2023, according to the group's bourse filing.

The group said domestic demand rose by RM17.2 million or 29.9% year-on-year during the quarter as the Chinese New Year approached while overseas demand increased by RM32.3 million or 56%, primarily driven by higher demand from China customers.

PT Resources declared a second interim dividend of 0.65 sen per share, to be paid on May 17.

For the first nine months of FY2024, the group’s net profit more than doubled to RM37.95 million from RM17.83 million in the preceding year’s corresponding period, while revenue rose 14.68% to RM408.38 million from RM356.09 million, supported by higher foreign sales, particularly from China.

Moving ahead, PT Resources said the group is set to benefit from the current recovery of the global economy as well as the reopening of China’s borders in 2023.

“PT Resources’ sales are expected to continue to grow, driven by the supply of food products to existing and new customers in the overseas market, and by leveraging its new subsidiary in China to further expand into the large China market,” the group said.

The group said it has set up an initial processing facility in Fuzhou City, Fujian Province, China to venture into the value-added food product business to expand its product offerings.

It added that it remains committed to actively identifying new business opportunities to be acquired which can contribute to its financial performance.

Shares in PT Resources settled one sen or 2.2% lower at 44.5 sen on Wednesday, giving the group a market capitalisation of RM238.08 million.