KUALA LUMPUR (Aug 29): Spritzer Bhd’s (KL:SPRITZER) quarterly net profit jumped 62.61% to a fresh record high of RM19.76 million in the second quarter ended June 30, 2023 (2QFY2024), from RM12.15 million a year ago, on higher sales volume and average selling price of its bottled water amid strong growth in travelling and tourism activities, and hot weather. 

Its previous highest quarterly profit was achieved just last year in the June-September 2023 quarter, when it made a net profit of RM16.97 million on a revenue of RM132.56 million.

Earnings per share for 2QFY2024 rose to 6.19 sen from 3.81 sen in 2QFY2023, its bourse filing showed. Quarterly revenue climbed 18.5% to RM146.57 million from RM123.69 million.

The group did not pay any dividend for 2QFY2024 and 1HFY2024.

For the first half of FY2024 (1HFY2024), its net profit surged 62.61% to RM35.28 million from RM19.31 million in 1HFY2023, as revenue gained 20.78% to RM281.56 million from RM233.11 million.

The better 1HFY2024 was also due to robust demand for its bottled water.

“Our effective branding and marketing investment over the years has also contributed to our strong sales performance in the current period,” Spritzer said.

Looking ahead, Spritzer is optimistic that the group will be able to further strengthen its market leadership position in the bottled water industry and sustain its performance in the rest of FY2024.

Spritzer’s share price settled three sen or 1.2% higher at RM2.59, valuing the group at a price-earnings ratio of 12.63 times with a market capitalisation of RM827 million. Year to date, the group has gained 42%.