KUALA LUMPUR (Nov 6): Main Market-bound manufacturer of security seals and tamper evident bags, Mega Fortris Bhd (KL:MEGAFB) booked a net profit of RM8.23 million on a revenue of RM49.16 million for its first quarter ended Sept 30, 2024 (1QFY2025).

Pre-tax profit stood at RM11.84 million, its filing showed. There are no comparative figures for the preceding corresponding period as there is no interim financial report prepared for the comparative period.

Mega Fortris is going for listing on Nov 11 at 67 sen per share, which values the group with a market capitalisation of RM566.13 million.

No dividend has been declared for this quarter.

In the financial year ended June 30, 2024, Mega Fortris' net profit grew 35.91% to RM21.61 million, from RM15.9 million, as revenue rose 3.35% to RM166.71 million, from RM161.3 million. The IPO price values the group at 26 times FY2024 earnings.

The group, which manufactures an estimated 530 million pieces of security seals annually, is raising RM99.07 million from the IPO, of which 43% is to establish a new factory in the UK, and another 45% for its new business to supply playing cards in sealed security boxes in Macau.

Its client portfolio includes 38 casino operators across Asia, including in Macau, the Philippines, Vietnam and Cambodia.

Mega Fortris, whose shareholders include Southeast Asia’s second largest bank by assets OCBC with 9.45% direct and 16.54% indirect stake, is also upgrading their production facilities in Malaysia.