KUALA LUMPUR: ACE Market-bound Kucingko Bhd is projected to see a gradual 13.3% year-on-year (y-o-y) improvement in core net profit for the financial year ending Dec 31, 2024 (FY24) to RM9.5mil despite anticipated higher staff expenses.
Apex Securities Bhd said the projections included factoring in RM23.3mil of unbilled projects and the recognition of an additional tender book.
In a note yesterday, the stockbroking firm said Kucingko’s core net profit had demonstrated sturdy performance, reaching RM8.4mil in FY23 with a three-year compound annual growth rate of 31.5%, primarily driven by increased revenue from the two-dimensional animation production services segment.
“We forecast that Kucingko will experience a slower growth rate in core net profit this year, primarily due to increasing manpower.
“The group is currently facing a shortage of manpower due to various ongoing projects.
“We anticipate the bulk of the expenses will be channelled to expansion and staffing costs, resulting in a higher quantum of increase in net profit starting from FY26 onwards,” it said. — Bernama
