KUALA LUMPUR (June 28): Rubber products manufacturer Superlon Holdings Bhd (KL:SUPERLN) said its net profit jumped more than threefold for the fourth quarter that ended April 30, 2024 (4QFY2024), thanks to higher gross profit amid increased demand for its products and lower effective group taxation.

Net profit surged to RM2.05 million from RM608,000, as revenue climbed 26.4% to RM30.9 million from RM24.43 million a year earlier due to higher sales volume. The increase in profitability is also attributable to lower material costs and favourable exchange rate movements.

“Our operating environment is encouraging with sustained demand in our key markets,” said the company in a bourse filing. “ Going forward, demand will be influenced by global and local sentiment, logistic costs, as well as raw material costs.”

Superlon is principally involved in the manufacturing of nitrile butadiene rubber foam insulation products mainly used to insulate heating, ventilation, air-conditioning and refrigeration systems.

Over 60% of the company’s revenue was contributed by the export market in 2023, spanning across countries in the African, Asia, Europe, America and the Oceania markets, according to its annual report.

For the full year, net profit jumped more than fivefolds to RM11.99 million from RM2.28 million, while revenue increased by 9% to RM118.17 million from RM108.45 million.

Shares of Superlon were up by four sen or 3.2% to RM1.30 at Friday’s market close, valuing the group at RM208 million. Year-to-date, the counter has surged more than 54%.