Net profit for the period totalled RM13.01 million (US$2.78 million), up from from RM8.35 million (US$1.79 million) in the same quarter of the prior financial year.
This is the automotive upholstery maker’s highest ever quarterly net profit. Pecca has posted record profit and revenue for the past three financial years, and the first quarter of the 2024 fiscal year is also the fifth consecutive quarter of record profit.
The record net profit was on the back of a 16.7% growth in quarterly revenue to RM64.05 million (US$13.72 million), against RM54.86 million (US$11.75) in the same period a year before.
Pecca said the group’s revenue was driven by demand for leather upholstery and the sewing of fabric car seat covers, which contributed about 90% and 5% of the group’s total revenue, respectively.
Pecca Chief Executive Officer Foo Ken Nee said the group is currently working aggressively to expand its local and foreign customer base in the replacement equipment manufacturer segment and penetrate new markets in the U.S., Australia, New Zealand, Singapore and Europe.
“We are pleased to kick off fiscal year 2024 with another set of solid financial results, underscoring our commitment to achieving sustained business growth. This marks the fifth consecutive quarter where the group has set a new net profit record,” he said.
“We will continue our efforts to diversify into new markets and transform the group into a multiple-engine growth ecosystem. Our strong cash position, which has risen to RM112.6 million (US$24.12 million) as of the first quarter, will give us the firepower to catalyse our growth,” Foo added.
Source: The Edge Malaysia