Samurai 2K Aerosol has reported revenue of RM113 million for its year ended March 31 2022, up 2.18% y-o-y.
The maker of aerosol paint cans, which targets the car and motorbike owners, says it enjoys “strong” demand from its key markets despite the pandemic and disruptions to its manufacturing operations in Malaysia.
However, higher staff compensation expenses and materials costs weighed in, leaving earnings of RM13.1 million, versus RM17.6 million for the preceding FY2021.
Specifically, the company points out that part of the cost can be attributed to RM4.51 million in one-off performance share payments for employees who met their FY2021 targets.
For 2HFY2022 ended March 31, the company reported earnings of RM9.7 million, down 1.05% y-o-y; revenue in the same period was up 3.72% to RM69 million.
The company, headed by CEO Ong Yoke En, says this coming year will see the launch of more new products featuring more of its technologies.
See also: IHH Healthcare’s 3QFY2024 patmi remains flat at RM534 mil
These include the so-called “Tintatek” technology which the company claims need just 14 basic colours in its colour chart to generate millions of colour.
“This means users can match whatever colours that they desired at anytime and anywhere, with the ease of mixing and spraying it by using the aerosol spray paint.
In contrast, the conventional aerosol spray paints are pre-filled and users can’t get the colours they desired and can’t match any special colour easily for their cars or motorbikes, the company explains.
See also: Marco Polo Marine reports lower 2HFY2024 earnings of $10.7 mil, down 42% y-o-y
“With strong technology backbone in our new product developments, together with the digital transformation plan, a first-ever digital platform is under development to create formidable barrier to entry in the spray paint industry, which will enable us to sell our own products and enables users to book the sprayers for spray paint services within the digital platform,” the company claims.
Samurai 2K Aerosol shares last traded at 31 cents.
