KUALA LUMPUR (Nov 28): PMB Technology Bhd (KL:PMBTECH) saw its net profit more than quadruple to RM7.89 million in the third quarter, from RM1.64 million a year earlier, on higher earnings from its manufacturing and trading segment.

Earnings per share for the quarter ended Sept 30, 2024 (3QFY2024) jumped to 0.49 sen from 0.12 sen previously, the carbon-based product manufacturer said in a bourse filing.

The manufacturing and trading segment’s profit more than doubled to RM15 million from RM6.7 million in 3QFY2023, thanks to a higher foreign exchange gain.

PMB's quarterly revenue declined 29.27% year-on-year to RM209.84 million from RM296.69 million, mainly due to lower revenue from both its business segments — manufacturing and trading as well as construction and fabrication.

Revenue from the manufacturing and trading segment decreased 22% to RM156.9 million from RM200.4 million, dragged by lower sales volume of metallic silicone.

The construction and fabrication segment’s revenue fell 45.07% year-on-year to RM52.9 million from RM96.3 million, mainly due to a slower progress of certain ongoing projects. Likewise, the segment's profit dropped 53.33% to RM1.4 million from RM3 million.

PMB, in which Press Metal Aluminium Holdings Bhd (KL:PMETAL) owns a 23.58% stake, did not declare a dividend for the latest quarter.

For the first nine months of FY2024, PMB’s net profit dropped 4.36% to RM12.91 million from RM13.49 million a year earlier, as revenue fell 8.51% to RM727.48 million from RM795.46 million, also due to lower revenue from both its business segments.

The group said it remains optimistic about its long-term prospects as silicon metal plays a key role in addressing the global energy transition.

“The group will stay the course and continue to strengthen our position as a low-cost and low-emission producer while maintaining a high degree of traceability in our entire supply chain,” it said.

Shares of PMB settled up one sen or 0.6% to RM1.68 on Thursday, valuing the group at RM3.23 billion. The stock has declined 41.26% year-to-date.