KUALA LUMPUR, Scientex Bhd's net profit for the financial year ended July 31, 2024 (FY2024) surged by 24.4 per cent to RM545.21 million from RM438.14 million a year ago. Revenue increased by 9.8 per cent to RM4.47 billion versus RM4.08 billion previously. In a statement today, the global packaging manufacturer and property developer attributed its improved performance to robust demand in the property division, which saw a 29.7 per cent year-on-year increase in revenue to RM1.9 billion. "This was supported by higher sales, strong take-up rates for its new property launches, and steady construction progress on ongoing projects across Peninsular Malaysia,' it said. The company noted that the packaging division also contributed to the positive results, maintaining a stable revenue of RM2.6 billion despite facing a challenging global landscape. For the fourth quarter (4Q), Scientex posted a net profit of RM135.86 million on revenue of RM1.17 billion, up from RM114.89 million and RM1.07 billion, respectively, against the corresponding quarter last year. Scientex has proposed a single-tier final dividend of six sen per share for FY2024, pending approval at the upcoming annual general meeting. 'Combined with the six-sen interim dividend paid on July 19, 2024, the total estimated dividend payout amounts to RM186.2 million, representing 34.1 per cent of the group's net profit in FY2024,' the company said. Commenting on the outlook for the coming financial year, Scientex chief executive officer Lim Peng Jin expressed the group's commitment to sustain performance despite ongoing challenges in the global packaging market. 'Our focus on operational efficiency, cost management, and the development of innovative, sustainable packaging solutions enable us to navigate these complexities. 'In the property division, the consistent demand for affordable homes presents compelling opportunities ahead, which we will continue to leverage through land acquisitions and a steady stream of new project launches,' he said. To date, Scientex has delivered properties worth RM10.4 billion, with projects in hand valued at RM4.2 billion. Source: BERNAMA News Agency