KUALA LUMPUR (Nov 27): Spritzer Bhd’s net profit surged 48.5% to a record high of RM16.97 million in the third quarter ended Sept 30, 2023 (3QFY2023), from RM11.43 million a year ago, as the company sold more bottles of drinking water amid recovery in tourism activities plus hot weather.

The leap in quarterly net profit was bigger than in quarterly revenue, which grew 10.85% to RM132.56 million, from RM119.59 million a year ago.

Earnings per share expanded to 5.32 sen in 3QFY2023, from 3.63 sen in the year before, according to Spritzer’s bourse filing.

Its share price closed at all-time high of RM1.69, valuing the manufacturer at a price-earnings ratio of 11.2 times with a market capitalisation of RM540 million.

Quarterly revenue growth was mainly driven by an increase in sales volume of bottled water from the manufacturing segment. However, the company noted that its trading segment, which is principally involved in the sale of plastic packaging materials, did not do well during the quarter under review.

For the cumulative nine months of FY2023 (9MFY2023), its net profit jumped 41% to RM36.27 million, from RM25.7 million the year before, as revenue expanded 12.7% to RM365.67 million, from RM324.6 million in the same period.

“Our innovative branding, marketing and promotional activities have also enabled us to deliver a good performance thus far,” it said.

On its prospects, Spritzer’s directors are optimistic that the group will be able to further strengthen its market leadership position in the bottled water industry and generate a favourable performance in the financial year ending Dec 31, 2023.