JAG Bhd, a leading total waste management company in Malaysia, saw its unaudited net profit for its FY2024 ended Dec 31, 2024 jumped 434% year-on-year (yoy) to RM6.53 mil (FY2023: RM1.17 mil) boosted by the group’s total waste management (TWM) segment.
Meanwhile, JAG’s revenue edged up 13.3% to RM229.91 mil or a 13.3% increase from the RM202.96 mil in FY2023.
For the quarter under review, the group recorded a revenue an 18% yoy rise in revenue to RM65.9 mil (FY2023: RM55.85 mil) while its net profit came in at RM151,00 which signifies a turnaround from a net loss of RM1.32 mil in the same period a year ago.
The improved financial performance was driven by the group’s TWM segment which contributed RM223 mil in revenue for the financial year with an unaudited net profit of RM15 mil.
Given this performance, JAG will continue to focus on expanding the TWM segment as a key driver of long-term growth, according to its executive director Datuk Ng Meow Giak.
“The strength of our TWM segment has been instrumental in our financial results,” he commented in a statement.
“We are witnessing strong demand, supported by the rising commodity prices of particularly gold, silver, tin and nickel as well as the continued growth of the semiconductor industry which is expected to reach US$1 tril by 2030.”
As indicated by the TWM segment’s growth trajectory, average monthly procurement has rose significantly from around RM10 mill in 2022 to RM13 mil in 2024, a reflection of the segment’s resilience and long-term potential.
“Given this landscape, we have been strategically putting into place measures to grow and strengthen our TWM business,” enthused Ng.
“The group currently has a robust number of contracts, of which during 2024, we focused on enhancing operational efficiencies and optimising downstream processing to strengthen the profitability.”
In light of this positive trajectory, JAG is also taking steps to streamline its operations and enhance its business model.
To this end, the group is assessing its non-performing segments for potential divestment to focus on core competencies that drive sustainable growth and profitability.
Additionally, the group is actively exploring various opportunities and collaborations to maximise the monetisation of its land bank.
This will be a key focus area for FY2025 as JAG concentrates on this potential adaptation and strategic risk management with a view to maximise the potential of itsTWM segment.
At the close of today’s market trading, JAG was down 0,5 sen or 1.89% to 26 sen with 7 million shares traded, thus valuing the company at RM196 mil. – Feb 24, 2025
