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Friday, February 24, 2017

Power Root’s 3Q net profit up 44%, proposes 2.5 sen dividend


By Adela Megan Willy / theedgemarkets.com | February 24, 2017 : 6:52 PM MYT

KUALA LUMPUR (Feb 24): Herbal energy drinks manufacturer Power Root Bhd’s net profit for the third quarter ended Dec 31, 2016 (3QFY17) rose by 43.8% to RM12.53 million, from RM8.71 million a year ago, mainly due to improved sales.

In its filing to Bursa Malaysia, Power Root said revenue in 3QFY17 climbed 20.3% to RM103.32 million, from RM85.87 million in 3QFY16, on higher overseas sales.

The group has proposed a third interim single tier dividend of 2.5 sen per ordinary share, in respect to the financial year ending March 31, 2017 (FY17).

For the cumulative nine months of FY17 (9MFY17), the group posted a net profit of RM34.17 million, down 9% from RM37.54 million a year ago (9MFY16).

Revenue in 9MFY16, meanwhile, increased by 10.4% to RM307.71 million from RM278.78 million.

On its outlook, Power Root said it will continue to grow its export markets, particularly in the Middle East and North Africa regions, through the development of its existing networks and introduction of new products.

The group also believes the local fast moving consumer goods (FMCG) market for its 3-in-1 coffee, remains competitive.

“As such, the group will continue with its efforts in improving its operational efficiencies, as well as enhancing its brand through various promotional campaigns and activities,” the filing said.

“The group will strive to achieve better results for the financial year ending March 31, 2017,” the filing added.

Power Root’s share price closed 0.5% lower at RM2.20 today, valuing the group at RM710.84 million.

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