KUALA LUMPUR (Nov 27): Spritzer Bhd (KL:SPRITZER) reported a marginal increase in its third-quarter net profit, on the back of higher demand for its bottled water products.

Net profit for the quarter ended Sept 30, 2024 (3QFY2024) inched up 0.9% to RM17.12 million from RM16.97 million a year earlier, according to the group in a bourse filing on Wednesday. Earnings per share rose to 5.37 sen from 5.32 sen.

The group also enjoyed lower tax expenses of RM2.5 million, compared with RM5.88 million in 3QFY2023.

Quarterly revenue rose 10.1% year-on-year (y-o-y) to RM145.97 million from RM132.56 million. The manufacturing segment, its largest revenue contributor, saw a revenue increase of 10% to RM139.43 million from RM127.09 million.

The trading segment's revenue, meanwhile, increased 19% to RM6.14 million from RM5.16 million.

Spritzer did not declare any dividend for the latest quarter. 

For the first nine months ended Sept 30, 2024 (9MFY2024), the group’s net profit increased 44.5% y-o-y to RM52.4 million from RM36.27 million, as cumulative revenue expanded 16.9% to RM427.5 million from RM365.67 million for 9MFY2023.

Spritzer had posted a record high full-year net profit in FY2023 at RM49.49 million, up 33.87% against RM36.97 million in FY2022, on robust demand amid a strong recovery in tourism activities and hot weather environment. Full-year revenue rose 13.24% to RM490.68 million from RM433.3 million.

For FY2024, Spritzer expects consumer spending to rise in the final quarter on a favourable economic outlook and the implementation of salary adjustment for civil servants in December.

“Our focus includes continued investment in our core brands, automation, and further improvement of production processes. As part of this initiative, we have commissioned our new sparkling production line in October. This addition will enable us to better meet the growing demand for bottled water products,” the group added.  

Spritzer’s share price closed up three sen or 1.06% at RM2.85 on Wednesday, valuing the group at RM910 million. Year to date, the group has gained 56%.