PWROOT 7237 POWER ROOT BERHAD posts sevenfold rise in 1Q net profit, pays three sen dividend

 PWROOT 7237 POWER ROOT BERHAD posts sevenfold rise in 1Q net profit, pays three sen dividend

KUALA LUMPUR (Aug 29): Power Root Bhd’s net profit jumped by more than seven times to RM15.26 million in the first quarter ended June 30, 2022 (1QFY23) from RM2 million a year ago, lifted by favourable product sales mix. Earnings per share rose to 3.7 sen from 0.5 sen.

The better profit was also lifted by a gain on foreign exchange of RM744,000 compared with RM214,000 previously, said the beverage maker in a filing with Bursa Malaysia.

Revenue expanded 50.09% to RM112.08 million from RM74.68 million a year earlier.

The group declared an interim dividend of three sen per share, comprising a first interim dividend of two sen and a special interim dividend of one sen.

Moving forward, the group expects the economic recovery to continue in the local and export markets.

Despite this, it believes that the economic and business environment remains uncertain and challenging due to inflationary cost pressure affecting demand and volatile cost of materials, coupled with intermittent supply chain disruptions.

Hence, it is continuously seeking opportunities to achieve sustainable growth through penetration into new markets and expansion of new product segments as well as adaptation of technology in improving operational efficiencies.

Shares in Power Root closed down two sen or 1.05% at RM1.88, giving the group a market capitalisation of RM824 million. Year to date, the stock has rallied 39% from RM1.35.

http://www.theedgemarkets.com/article/power-root-posts-sevenfold-rise-1q-net-profit-pays-three-sen-dividend