Magni-Tech made a net profit of RM138.41 million for FY2024, up 34.64% from RM128.41 million for FY2023, as annual revenue rose 10.62% to a record high of RM1.34 billion from RM1.21 billion.

KUALA LUMPUR (June 25): Garment and packaging products maker Magni-Tech Industries Bhd (KL:MAGNI) reported a 33.61% jump in its fourth quarter net profit, as revenue climbed on stronger contribution from its garment business.

It recorded a net profit of RM34.52 million for the three months ended April 30, 2024 (4QFY2024), up from RM25.84 million in 4QFY2023. Revenue jumped 36.62% to RM336.93 million from RM246.61 million, its bourse filing showed. Earnings per share rose to 7.96 sen from 5.96 sen.

The group proposed a fourth interim dividend of 3.3 sen, payable on July 23. This brings the total dividend paid for FY2024 to 11.8 sen, up from nine sen in FY2023.

During the period, revenue from the garment business jumped 41.6% to RM318.454 million, driven by higher sales orders. Its packaging business, on the other hand, recorded a 14.9% drop in revenue to RM18.47 million on lower sales.

Magni-Tech made a net profit of RM138.41 million for FY2024, up 34.64% from RM128.41 million for FY2023, as annual revenue rose 10.62% to RM1.34 billion from RM1.21 billion.

The garment segment accounted for about 93.9% of Magni-Tech’s revenue in FY2024, and 95.7% of its profit from operations.

Moving ahead, Magni-Tech said it remains “cautiously optimistic” on its business outlook for FY2025 as the global economy continues to face volatility due to geopolitical tensions and trade war uncertainties.

Magni-Tech shares closed six sen or 2.45% lower at RM2.39 on Tuesday, giving the group a market capitalisation of RM1.04 billion.