Home-grown building materials specialist, Chin Hin Group Bhd, has reported an impressive sixfold increase in its net profit for the fourth quarter ended December 31, 2024 (4QFY2023), largely attributed to enhanced earnings from its joint ventures (JVs) and associates, coupled with a notable disposal gain of RM9.12 million from one of its subsidiaries. The group’s net profit soared to RM96.6 million or 5.46 sen per share in 4QFY2023, marking a significant rise from RM15.67 million or 0.89 sen per share in the same quarter the previous year.
This remarkable quarterly performance was underpinned by a 3.56% increase in revenue, which reached RM527.41 million, compared to RM509.26 million in 4QFY2022. The group attributed this revenue growth to the escalated volume of wall panel and autoclaved aerated concrete blocks sales, catering to both private and government projects in Singapore as well as the Malaysian market.
For the full fiscal year, Chin Hin Group not only maintained its growth momentum but also set new records. The net profit for FY2023 expanded by 55.03% to reach an all-time high of RM150.11 million, up from RM96.83 million in the preceding year. Similarly, annual revenue saw a robust increase of 26.24%, amounting to RM2.06 billion compared to RM1.63 billion in FY2022.
The group remains optimistic about the future, citing the continued robust demand for building materials in Malaysia. This demand is expected to be sustained into 2024, bolstered by the country’s economic growth and the progression of major infrastructure projects across the nation.
Despite the day’s trading closing with a slight decline in shares by 13 sen or 3.24% at RM3.88, Chin Hin Group’s market valuation stands strong at RM6.87 billion. This financial performance not only highlights the group’s resilience and strategic operational excellence but also underscores its pivotal role in the building materials industry, both locally and in the regional market.
