Magni-Tech Industries Bhd posted a 36.4% increase in net profit to RM44.64 million for its first quarter ended July 31, 2024, from RM32.73 million a year earlier, on the back of a higher revenue across its business segments.

KUALA LUMPUR (Sept 3): Magni-Tech Industries Bhd (KL:MAGNI) reported a 36.4% increase in net profit to RM44.64 million for its first quarter ended July 31, 2024 (1QFY2025), from RM32.73 million a year earlier, on the back of a higher revenue across its business segments.

This marks the garment and packaging products manufacturer's highest quarterly profit since 3QFY2021.

Earnings per share rose to 10.3 sen from 7.55 sen in 1QFY2024, Magni-Tech's bourse filing showed.

Quarterly revenue increased 34.9% to RM437.6 million from RM324.38 million.

The group has proposed a dividend of five sen per share, payable on Oct 10.

The garment manufacturing segment posted a 37.9% increase in revenue to RM416.95 million, up from RM302.3 million in 1QFY2024, primarily due to higher sales orders.

However, the packaging segment saw a 6.4% decline in revenue to RM20.65 million from RM22.07 million, reflecting lower sales orders.

Magni-Tech said it remains “cautiously optimistic” about its business prospects for FY2025, noting that the global economic outlook remains uncertain but resilient.

Magni-Tech’s shares closed two sen or 0.88% higher at RM2.30 on Tuesday, giving the company a market capitalisation of RM996.94 million.