TIMBER-BASED Auro Holdings Bhd (formerly NWP Holdings Bhd) has made a commendable financial turnaround in its first quarter ended May 31, 2023 (1Q FY2/2024).
Demonstrating resilience and robust strategy, the group not only showcased a 143% revenue growth from the previous year to RM1.69 mil (1Q FY2/2023: RM697,000) but also returned to the black albeit with a meagre net earnings of RM42,000 which nevertheless is a sharp contrast from the net loss of RM2.75 mil in the same period last year.
“Our impressive financial achievement mirrors our team’s commitment and the strategic decisions we have undertaken. The turnaround in our financial performance was mainly attributed to our newly commenced sand business,” commented Auro Holding’s executive director Tan Jyy Yeen.
The venture into the sand business has spurred the group’s turnaround as it allows Auro Holding’s to generate additional revenue and earnings. The group started its operations in the sand business in March this year.
With an eye on the horizon, the group underwent a transformation, re-branding from NWP Holdings to Auro Holdings.
“Auro is not merely a new name; it embodies our renewed vision and direction for the future. As Auro Holdings charts its course forward, it remains laser-focused on strengthening and expanding its business,” Jyy Yeen pointed out.
She added that the group’s journey is still in its early stages even as it is excited to cement its presence in the industry by leveraging strategic opportunities to deliver sustainable growth for its shareholders.
On this note, the group will continue to explore other opportunities to grow its business, including potential mergers and acquisitions (M&As), according to its chairman Datuk Tan Lik Houe.
“In the rapidly changing landscape of today’s industries, it’s essential to adapt and seek out avenues for growth continuously,” he justified.
“We are exploring strategic M&As to diversify our revenue sources and to tap into new opportunities. These M&A endeavours aren’t merely about expansion but underscore our commitment to innovation, our ability to foresee market trends and our intention to provide unmatched value to our stakeholders.”
Added Lik Houe: “We are poised to leverage these opportunities not just for growth but to cement our place as a forward-thinking, values-driven organisation in the market.”
At the close of today’s market trading, Auro Holdings was unchanged at 17 sen with 507,100 shares traded, thus valuing the company at RM98 mil. – July 27, 2023