Riverstone Holdings has reported a net profit of RM72.2 million ($21.8 million) for the 3QFY2024 ended September, up 21.8% y-o-y.
Earnings per share stood at 4.87 sen, up from 4 sen in 3QFY2023.
This came on the back of the group’s revenue, which saw a 33.9% y-o-y increase to RM298.4 million in 3QFY2024, driven by increased production volume and higher average selling prices.
As at Sept 30, gross profit was up 33.2% y-o-y at RM103.6 million, while gross profit margin dropped by 0.2 percentage points (ppt) y-o-y to 34.7%. This was due to the impact from foreign exchange loss given a strengthening ringgit against the US dollar.
The board of the group has since recommended an interim dividend of 4.0 sen per ordinary share for the nine months ended Sept 30.
Executive Chairman and CEO, Wong Teek Son, says: “Our focus on operational efficiency and customised gloves continues to deliver results. Looking ahead, we are on track to increase our capacity for six new cleanroom production lines to cater to the growing demand from the recovering semiconductor and electronics industries.”
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He adds: “Additionally, aligning with our strategy to focus on customised gloves, we are building six new single production lines specifically for healthcare gloves. Of the new capacity, the six cleanroom lines and three healthcare lines are scheduled to be commissioned by the end of this year, with an additional three healthcare lines expected to be ready by 1QFY2025.”
Shares in Riverstone Holdings AP4 closed 2 cents lower, or down 2.2%, at 89 cents on Nov 11.
