KUALA LUMPUR (Dec 16): Aluminium products manufacturer Winstar Capital Bhd, set to be listed on Bursa Malaysia's ACE Market on Dec 19, reported a net profit of RM3.31 million or 1.42 sen per share for the third quarter ended Sept 30, 2024 (3QFY2024).
Revenue for 3QFY2024 totalled RM58.76 million, according to Winstar's exchange filing on Monday.
There are no year-ago comparative figures as this is the company’s first interim financial report in compliance with listing requirements.
Aluminium extrusion activity contributed RM33.9 million (57.7%) to the company's total revenue, the filing showed. This was followed by its building materials segment with a contribution of RM22.8 million, while its solar PV system installation services business contributed RM2.05 million.
For the first nine months of FY2024, Winstar’s net profit was RM6.99 million, on the back of revenue of RM147.93 million.
Winstar previously announced full-year net profit of RM8.02 million and revenue of RM153.69 million for FY2023.
Looking ahead, the company said it will continue to expand its business by securing additional orders and growing its customer base.
Winstar, backed by renewable energy firm Sunview Group Bhd (KL:SUNVIEW), saw 14.5 million shares made available to the Malaysian public under its initial public offering (IPO), oversubscribed by 80.17 times.
The IPO involved a total offering of 73.95 million shares, comprising 56.55 million new shares and an offer for sale of 17.4 million shares.
At the IPO price of 35 sen per share, Winstar Capital would have a market capitalisation of RM101.5 million, based on its enlarged share capital of 290 million shares. This values the company at a price-to-earnings (PE) ratio of 12 times its FY2023 earnings.
Of the RM19.79 million raised from the new share sales, RM9.55 million is earmarked for capital expenditure for the purchase of a new aluminium extrusion press machine and related equipment.
The planned expansion will see its aluminium extrusion capacity double to 15,285 tonnes, from 6.705 tonnes previously, the company has said. The remaining funds will be allocated for working capital requirements (RM6.24 million) and listing-related expenses (RM4 million).
Meanwhile, the offer-for-sale shares have been placed out privately and the proceeds raised, totalling RM6.09 million, will accrue to the selling shareholders, including Winstar executive vice-chairman Chua Nyok Chong and chief executive officer Chua Boon Hong.
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