HUP SENG Industries Bhd’s net profit expanded 44.6% in  the first quarter of 2024, reaching RM13.97 million compared to RM9.65 million in the same period last year.

The surge is attributed to heightened sales and reduced material input costs.

The company’s revenue in the first quarter ended March 31, 2024 (1Q24) also saw a notable 8% rise, reaching RM93.57 million, up from RM86.38 million in the first quarter of the previous fiscal year.

The increase in revenue was primarily driven by a 22% growth in export market sales, particularly in countries like Myanmar, Maldives, and Singapore. Additionally, domestic sales experienced a 5% uptick.

Despite the positive financial performance, Hup Seng did not declare any dividends for the quarter under review.

Looking ahead, the company anticipates a continued highly competitive operating environment.

To navigate this landscape, Hup Seng aims to focus on operational streamlining, boosting brand awareness, and enhancing product quality.

On the stock market front, Hup Seng’s shares experienced a slight increase of half a sen or 0.57% to 87.5 sen today, valuing the group at RM700 million. — TMR