PROPERTY and hospitality-centric Meta Bright Group Bhd (formerly Eastland Equity Bhd) has posted a strong performance in its FY6/2024 ended June 30, 2024 as its net profit jumped 32% to RM11.47 mil from RM8.69 mil in the corresponding period a year ago.
This came on the back of substantial revenue growth of more than three times to RM102.92 mil in FY6/2024 from RM34.07 mil the previous year.
The spike in revenue was driven by successful implementation of the group’s transformation strategy, including the acquisition of a building materials business which contributed RM60.53 mil and growth in leasing and financing which added RM5.71 mil.
Elsewhere, property development chipped in RM6.30 mil while the energy segment contributed RM1.15 mil. However, the hospitality segment saw a slight decline to RM24.43 mil due to lower room sales.
“The current results are a testament to the successful execution of our strategic initiatives,” commented Meta Bright’s executive director (corporate and strategic planning) Derek Phang Kiew Lim.
“From our initial corporate exercises to transforming the company, diversifying into new business areas and now entering an exciting growth phase, we’ve seen significant progress.”
Added Phang: “Our targeted acquisition, expansion into energy and leasing, and the materialisation of our property project as well as the completion of our existing renovation programme in hotel have all contributed to the strong performance in our FY6/2024.”
Buoyed by its robust financial performance in its FY6/2024, Meta Bright achieved a remarkable 41.7% year-on-year (yoy) rise in net profit for its 4Q FY6/2024 ended June 30, 2024 at RM8.36 mil (4Q FY6/2023: RM5.9 mil).
The group’s revenue during the period under review also saw an impressive jump of more than five times to RM48.56 mil in 4Q FY6/2024 from RM8.87 mil the same quarter of the previous year.
Looking ahead, the Meta Bright board remains committed to enhancing the competitiveness of its hotel segment by further improving building facilities (following the completion of the existing renovation programme) while continuously seeking new property development opportunities to generate additional income streams.
The group has also successfully diversified its core businesses to include energy-related, equipment leasing and building materials which are expected to positively impact future profits.
Although cautious in navigating the current challenging business environment, the board remains optimistic about growth potential of these industries.
“Our recent achievements underscore the success of our transformation strategy, setting the stage for the future development of Meta Bright. As we move forward, we are confident that our diversified business portfolio will continue to drive sustained growth and value creation for the group,” projected Phang.
At the close of today’s trading, Meta Bright was unchanged at 14 sen with 436,400 shares traded, thus valuing the company at RM354 mil. – Aug 29, 2024
