KUALA LUMPUR (March 22): Trive Property Group Bhd’s net profit jumped to RM24.11 million in the second quarter ended Jan 31, 2023 (2QFY2023), about 18 times the RM1.36 million it made in the same period a year earlier (2QFY2022), thanks mainly to fair value gains of its investment properties that amounted to RM27.26 million.
Revenue rose 27% to RM2.26 million from RM1.78 million on the back of higher sales under its solar division as a result of stronger demand, its bourse filing showed.
Earnings per share climbed to 1.91 sen from 0.12 share. The company, which is involved in the development and manufacturing of green energy storage solutions and battery-related products, did not declare any dividends.
For the first six months of 2023 (1HFY2023), the company's net profit came in at RM22.02 million compared with RM526,000 in the year-ago period while revenue rose marginally to RM4.63 million from RM4.58 million.
On its outlook, Trive said a global economic downturn is expected this year, with high interest rates and inflation contributing to reduced purchasing power and lower demand, while supply chain disruptions will challenge costs and affect customer satisfaction in its trading business.
Meanwhile, the company is "constantly looking for potential corporate tenants to boost the occupancy rate of the Persoft Tower" that it acquired in 2019. It is also in the midst of upgrading and refurbishing it.
“Following this upgrade, the group hopes to further improve the occupancy rate of Persoft Tower and in doing so, generate higher rental income as well as improve the future prospects of the building.
“Despite the prevailing challenges, the group will continuously improve its financial performance and enhance value for the shareholders moving forward,” Trive said on its prospects.
Trive’s share price closed 0.5 sen or 7.69% higher at 7 sen, giving the company a market capitalisation of RM88.45 million.