PGF Capital Berhad has today announced its first quarter financial results for the period ended 31 May 2024 reporting a strong financial performance in 1QFY25, with revenue surging 42.1% Year-on-Year to RM40.5 million compared to RM28.5 million in the corresponding period a year ago.

The Group said the substantial growth was largely attributed to higher sales contributions from the insulation segment on the back of strong demand from the Oceania market. Consequently, 1QFY25's overall profit after tax soared to RM6.7 million from RM3.9 million reported in 1QFY24, marking a 71.8% YoY increase.

Segmentally, the insulation segment remained the core revenue generator, accounting for 99.5% of total revenue. The remaining business segments, namely property development, investment holding and the others segments had negligible impact on overall performance.

The Group maintained a strong balance sheet with net cash position as of 31 May 2024. Net assets per share increased to RM1.41 from RM1.29 at the end of the preceding financial year ("FY24"). Additionally, the Group continued to generate positive net operating cash flow, recording RM3.4 million for the quarter under review.