MAIN Market-listed home-grown tiles manufacturer and information technology outfit YB Ventures Bhd (formerly Yi-Lai Bhd) has completed its new financial year ended June 30, 2022 with net earnings of RM10.21 mil on the back of a RM135.13 mil revenue for its 18-month financial period despite having to face a challenging operating environment.
For its sixth and final quarter ended June 30, 2022, the group posted a net profit of RM4 mil from a revenue base of RM27.75 mil.
On top of that, YB Ventures has also managed to generate positive net cash from its operating activities during FY6/2022 with net operating cash of RM19.7 mil. This is an improvement if compared with the net cash generated from operating activities in the previous two financial years.
“The global macroeconomic uncertainty that is still reeling from the impact of the COVID-19 pandemic and further aggravated by the Russia-Ukraine war has led to a surge in inflation and rising interest rates that present challenges to the tiles industry,” commented YB Ventures executive director Datuk Au Yee Boon.
“However, with proactive measures undertaken by the management, we have improved our operational efficiency and successfully marketed our flagship product, the Talos Living Tiles, which is today the group’s healthy-driven premium tiles.”
Going forward, Au said YB Ventures will continue to introduce various counter-measures such as enhancing its manufacturing efficiency and productivity, developing new products, and cost-control to address the issues of persistent inflation and rising interest rates.
Among others, the group will continue with its cost optimisation efforts to improve its bottom line.
“Some of the initiatives done in the past 18 months include installing the rooftop solar photovoltaic (PV) system at out factory building and warehouse in Kulai (Johor,” revealed Au. “With solar power, the group’s electricity consumption will be reduced by RM1 mil a month or RM12 mil a year, hence will be reflected on the group’s bottom line.”
Currently, YB Ventures provides a wide range of high-quality ceramic, homogeneous and porcelain tiles for use across vastly different projects for residential, commercial and industrial developments.
At the close of today’s trading, YB Ventures was down 2 sen or 4.65% to 41 sen with 2.8 million shares traded, thus valuing the company at RM119 mil. – Aug 29, 2022
