Total door system solution provider, Econframe Berhad ("Econframe" or "the Group"), has reported its best-ever performance for the nine-month period ending 31 May 2024 ("9MFY24"). The Group's revenue surged by 44.1% year-on-year ("YoY") to RM79.1 million, up from RM54.9 million in the previous year. This remarkable growth was driven by robust sales and contributions from its subsidiary, Lee and Yong Aluminium Sdn Bhd ("LYASB").
The company's profit before tax ("PBT") for 9MFY24 saw an 8.2% YoY increase to RM13.3 million, compared to RM12.2 million in the previous year. However, this increase was moderated by RM3.0 million in amortisation of intangible assets related to the acquisition of LYASB. Excluding this non-cash item, adjusted PBT for the period would have reached RM16.2 million.
Econframe also achieved its highest-ever profit after tax and non-controlling interest ("PATNCI"), with a net profit of RM9.2 million, compared to RM9.0 million in the previous year.
Group Managing Director, Mr. Lim Chin Horng, commented, "We are delighted to report our best-ever nine-month performance in the Group's history. We are optimistic about Econframe's future, having secured new projects that have bolstered our order book and provided us with strong earnings visibility. We continue to see significant opportunities in both the doors and aluminium sectors, allowing us to consistently replenish our order book."
Mr. Lim further highlighted the benefits of synergies with LYASB, stating, "Our partnership with LYASB has enabled us to secure additional projects through Econframe's extensive network. LYASB's ongoing capacity expansion will help fulfil the increased order demand. Additionally, we are exploring new business opportunities that will complement our core operations and diversify our revenue streams."
For the third quarter ("3QFY24"), Econframe reported revenue of RM24.9 million, a 27.3% YoY increase. PBT for this quarter was RM1.6 million, with an adjusted PBT of RM4.6 million, consistent with 3QFY23 following a shift in product mix contribution.
The Group remains optimistic about its future prospects, supported by a healthy order book and promising new opportunities.
