Plytec 3Q net profit climbs 16% to RM5mil

PETALING JAYA: Plytec Holding Bhd’s net profit rose by 15.9% year-on-year (y-o-y) to RM5.1mil in the third quarter ended Sept 30, 2024 (3Q24), driven by higher demand across its business segments.

In a filing with Bursa Malaysia, the construction services player said its revenue also jumped by 19.5% y-o-y to RM54.5mil.

The biggest revenue contributor, the construction method engineering solutions segment, saw a 37.8% y-o-y increase amid robust sales of modular shoring systems.

This was following stricter safety standards implemented by the Construction Industry Development Board.

In the first nine months of financial year 2024, Plytec’s net profit increased by 32.6% y-o-y to RM12.6mil, while revenue rose 19.3% to RM146.8mil.