KUALA LUMPUR (Jan 20): Pantech Group Holdings Bhd's net profit jumped 132.8% to RM20.36 million in the third quarter ended Nov 30, 2021 (3QFY22), from RM8.75 million a year ago, due mainly to optimised operations, better product mix and higher selling prices.

Earnings per share more than doubled to 2.66 sen from 1.17 sen, the steel pipes and fittings manufacturer's filing with Bursa Malaysia showed.

Revenue expanded 57.3% to RM209.34 million from RM133.04 million in 3QFY21.

The group declared a third interim dividend of one sen per share, compared with 0.5 sen last year. The dividend will be paid on March 25.

For the cumulative nine-month period ended Nov 30, 2021 (9MFY22), Pantech's net profit increased by more than three times to RM50.86 million, from RM13.92 million in the previous corresponding period.

Cumulative revenue rose 41.23% to RM494.33 million from RM350.01 million.

Pantech said both its trading and manufacturing divisions registered higher revenue and profit in 3QFY22 and 9MFY22, mainly due to optimised operations to meet robust export demand compared to partial operations restricted by the Movement Control Order last year.

In addition, a better product mix and higher product price also contributed to the higher earnings.

On prospects, the group is optimistic about its overall performance for the current financial year in view of the improving economic activities, rising oil and gas prices and the availability of Covid-19 vaccines.

"The group will prudently continue to focus on its existing revenue generating businesses and seek opportunities to grow its businesses, both local and overseas, by enhancing its competitiveness as the major pipes, valves and fittings solutions provider to the oil and gas industries, related upstream and downstream industries," it added.

Pantech's share price closed 0.5 sen or 0.85% higher at 59.5 sen, valuing the group at RM494 million.