KUALA LUMPUR (Feb 20): Hume Cement Industries Bhd posted its fifth consecutive quarter of earnings growth in the quarter ended Dec 31, 2023 (2QFY2024), as net profit rose 13-fold year-on-year (y-o-y) to RM59.06 million, on improved cement selling prices and sales volume.

It was the cement producer’s best quarterly performance since 3QFY2003, when it booked RM190.57 million — due to the RM187.7 million disposal of Malex Industrial Products Sdn Bhd at the time. The latest quarter would be its best normalised quarter since listing.

Quarterly earnings per share rose to 10.7 sen, compared with 0.89 sen per share a year ago, when it booked a net profit of RM4.47 million.

Revenue rose 26.24% to RM322.25 million, from RM255.27 million in 2QFY2023. The top line has been growing by 6% per quarter in the last four quarters since 2QFY2022, after bottoming out from the pandemic low in 2022.

On a quarter-on-quarter (q-o-q) basis, Hume Cement’s net profit rose 22.21% from RM48.33 million, as revenue rose 5.08% q-o-q from RM306.66 million.

The latest results helped Hume return to the black for the six months ended Dec 31, 2023 (1HFY2024), with a net profit of RM107.39 million or 20.21 sen per share, from a net loss of RM7.57 million or 1.5 sen per share in 1HFY2023.

Half-year revenue rose 36.11% to RM628.91 million, from RM462.06 million, its filing showed.

Hume Cement, 71%-controlled by Hong Leong Group, noted “improvement in construction activities” on the recent better performance, and said it expects the sector “to sustain its momentum” in the current financial year.

Shares of the cement manufacturer settled nine sen or 3.16% higher at RM2.94 on Tuesday, giving it a market capitalisation of RM1.84 billion. The counter has risen by 30.67% this year.