KUALA LUMPUR (Nov 27): Southern Cable Group Bhd’s (KL:SCGBHD) net profit for the third quarter more than doubled from a year ago on higher sales volume of power cables and improved margins, attributable to better product mix and economies of scale on increased production.

Net profit for the quarter ended Sept 30, 2024 (3QFY2024) surged 184.62% to RM18.57 million — its highest since listing in October 2020 — from RM6.53 million in the same quarter last year, according to the cable and wire manufacturer’s bourse filing on Tuesday.

Quarterly revenue rose 40.13% to RM383.6 million versus RM273.75 million a year ago, boosted by higher sales from the power cables and wires segments. However, lower sales from the communication and control and instrumentation cables and wires segments slightly dampened revenue.

The company declared an interim dividend of 0.75 sen per share, payable on Dec 18.

For the nine months ended Sept 30 (9MFY2024), net profit doubled to RM47.08 million from RM17.01 million in the same period last year, as revenue rose 35.42% to RM1.01 billion from RM746.53 million.

Going forward, Southern Cable said its prospects are bolstered by the rising demand for cables and wires in Malaysia.

It also remains optimistic about its cable and wire sales to overseas markets, particularly the US, as it secured strong sales in 3QFY2024.

Shares in Southern Cable ended two sen or 2.03% lower at 96.5 sen on Tuesday, giving the company a market capitalisation of RM845.34 million.