KUALA LUMPUR: Mega First Corp Bhd
has posted a higher net profit of RM116.64 million in the third quarter ended Sept 30, 2024 (3Q 2024), from RM10.87 million in the same quarter a year ago.
Revenue for the quarter rose to RM372 million versus RM320.38 million previously, driven by a 10.2 per cent rise in sales from the group’s three core divisions, namely renewable energy, resources and packaging sectors, totalling RM342.4 million.
Revenue of RM20.8 million was also contributed from CSC Agriculture Holdings Sdn Bhd (CSC), acquired on May 28, 2024.
For the nine months ended Sept 30, 2024, Mega First’s net profit increased to RM317.46 million, up from RM261.69 million in the same period last year, while revenue climbed to RM1.01 billion from RM993.39 million, a year ago.
"The group’s three core divisions collectively reported a pre-tax profit of RM151.7 million, reflecting a year-on-year increase of 9.6 per cent.
"This growth was attributed to improved contributions from the renewable energy (RE) division and resources division, although it was partially offset by a decrease in pre-tax profit from the packaging division,” it said in a Bursa Malaysia filing today.
Mega First noted that its total revenue for the RE division increased by 12 per cent to RM183.9 million from RM164.2 million in 3Q 2023, buoyed by an increase in hydro energy sales, which rose to RM181.5 million.
Solar energy sales saw an increase of 6.1 per cent to RM2.4 million from the increase in installed solar capacity.
The company is optimistic about its prospects, anticipating that the additional hydro generation capacity from the fifth turbine will contribute to the growth momentum already achieved in normalised profit after tax and non-controlling interest.
Additionally, Mega First projects continued growth in its solar segment, driven by the ongoing installation of secured solar capacities. - Bernama
