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| Higher revenue from trading and processing together with higher gross profit margin support financial performance |
SHAH ALAM, Malaysia, Nov 29, 2021 - (ACN Newswire) - Leon Fuat Berhad (Leon Fuat), a manufacturer and trader of steel products, specialising in rolled long and flat products, is pleased to announce today that the Group recorded a 470.4% gain in profit after tax (PAT) to RM38.66 million for the third quarter ended 30 September 2021 (Q3FY2021) compared with RM6.78 million in the corresponding quarter of the preceding year (Q3FY2020).
 | | Calvin Ooi Shang How, Executive Director of Leon Fuat |
For the quarter under review, the Company registered a 44.1% increase in revenue to RM236.11 million compared with RM163.82 million in Q3FY2020 while profit before tax (PBT) recorded a 447.0% gain to RM49.14 million compared with RM8.98 million in Q3FY2020.
On a segmental basis, revenue from trading of steel products increased by 65.7% to RM94.81 million while revenue from the processing of steel products increased by 32.6% to RM141.22 million. The trading segment's contribution to revenue stood at 40.2% in Q3FY2021 compared with 34.9% in Q3FY2020 while the processing segment's contribution to revenue stood at 59.8% compared with 65.0% in Q3FY2020.
For the nine months ended 30 September 2021 (9M2021), PAT grew 918.5% to RM106.89 million compared with RM10.50 million registered in the corresponding period of the preceding financial year (9M2020). PBT increased by 815.2% to RM134.24 million compared with RM14.67 million recorded in 9M2020 while revenue rose 61.9% to RM632.37 million compared with RM390.61 million recorded in 9M2020.
Calvin Ooi Shang How, Executive Director of Leon Fuat said, "Generally, our business was not severely affected by the movement restrictions in 9M2021 while higher overall revenue together with higher gross profit margins supported our financial performance. However, we note that while there is potential rebound in domestic economic activities that will lead to recovery in the coming quarter, we will manage the continuing risks from supply disruptions persistently amid a resurgence in COVID-19 infections in certain economies."
"We are taking proactive measures to ensure business continuity and sustainability given the volatile business landscape. These measures include keeping vigilant on steel price movements and related foreign currencies, taking proactive measures including negotiating forward contracts, where necessary, as well as prudent inventory management while continuously enhancing the operating capabilities and efficiencies to meet customers' requirements and keeping our operating costs at a manageable level."
About Leon Fuat
Leon Fuat Berhad ('Leon Fuat' or the 'Group') primarily in the business of trading, processing and/or manufacturing (collectively referred to as "processing") of steel products, specialising in rolled long and flat products.
The Group's trading activities consist of a wide portfolio of steel products, which includes flat products such as coils, plates, sheets, welded tubes, and pipes, welded rectangular and square sections, and long products such as bars, rods, shafts, sections, angles, channels and seamless tubes and pipes.
The Group's processing business is synergistic to the trading operations. As part of the Group's value-added activities, Leon Fuat undertakes processing activities in the form of cutting, leveling, shearing, profiling, bending, finishing and production of welded steel pipe and expanded metal.
As an established name, Leon Fuat has a strong portfolio of customers of more than 3,000 and have a long-standing relationship with customers.
For more information, please visit www.leonfuat.com.my.
Issued by: Swan Consultancy on behalf of Leon Fuat Berhad
Date: 29 November 2021
Please contact the below for more information:
Hakim Juraimi
Tel: +60 12-318 5410
Email: h.juraimi@swanconsultancy.biz
Kahjin Gan
Tel: +60 16-555 5187
Email: kj.gan@swanconsultancy.biz
Topic: Press release summary
Source: Leon Fuat Berhad
Sectors: Metals & Mining, Local Biz
http://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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