HIL Industries: Shah Alam molded plastic maker expects another good year

HIL Industries Bhd is expecting another good year after its net profit jumped 62% to RM38.6 million for the financial year ended Dec 31, 2023 (FY23) compared to the previous year. 

The Shah Alam-based manufacturer and seller of industrial and domestic molded plastic products returned a revenue of RM212.2 million for FY23, up 25% from the year before. 

In an exchange filing today, it said its manufacturing segment saw increased revenue after seeing ‘good demand’ for its products due to the strong performance of the automotive sector, as well as the increase in production efficiency. 

Its property development and management segment also registered an increase in revenue due to encouraging sales from the Amverton Hills 154-unit terraces project and Amverton Links Townhouse. 

On its current year prospects, HIL Industries said its manufacturing division was expected to continue to perform well due to the continual strong demand for its products. 

It said its new factory in Bukit Sentosa was expected to start operations by mid-2024, its capacity as well as enabling the company to move downstream and produce its polyurethane (PU) sheets that it currently imports from overseas. 

“This will allow us to improve our competitiveness as well as reduce any risk of delay as a result of any trans-shipment issues. At the same time, we will continue to actively source and bid for new customers as well as try to obtain new sources of business from our existing customers to ensure the continual growth of our company,” it said. 

HIL Industries was trading at 95 sen at 2pm today, valuing the company at RM317 million. Its 52-week high was RM1.10 and its 52-week low was 90 sen. — TMR