KUALA LUMPUR (March 27): Chemical trading outfit Analabs Resources Bhd reported a doubling in net profit to RM2.78 million for the third quarter ended Jan 31, 2024 (3QFY2024), from RM1.28 million a year ago, led by higher sales by value from its manufacturing, formulation and sales of resin, chemicals and building materials segment. 

Quarterly revenue increased by 12.77% to RM39.86 million, from RM35.35 million in the previous year’s corresponding quarter. Earnings per share rose to 2.55 sen, from 1.18 sen in 2QFY2023, Analabs’ bourse filing showed. 

Despite anticipating a challenging business outlook due to geopolitical developments, Analabs said it has implemented relevant hedging strategies to control cost structures and identify new opportunities to mitigate these effects.

"We foresee that consistent dividend income from the investment holding and property letting segment can be sustainable," it added.

The segment experienced a significant 90.1% rise in revenue to RM500,000, from RM300,000, during the current financial quarter, primarily due to the group’s newly rented property.

Meanwhile, revenue from its manufacturing, formulation and sales of resin, chemicals and building materials segment saw an 18% increase to RM27.5 million, from RM23.4 million, during the current financial quarter.

For the first nine-month period, net profit also doubled to RM19.74 million, compared with RM8.17 million for 3QFY2023, while revenue increased by 25.33% to RM123.03 million, from RM98.17 million in the same period a year ago.

Shares in Analabs closed unchanged at RM1.72 on Wednesday for a market capitalisation of RM108.93 million.