Tag: PT Resources

PT Resources Posts 32% Gain in 3Q Revenue to RM115.4 Million

  • Company to grow domestic market through opening more MO Foodmart(TM) outlets while strengthening access to channel partners and at the same time, increase supply to China

PT Resources Holdings Berhad, a processor and trader of frozen seafood products, and trader of other food products, today announced that the Company’s revenue increased 32.0% to RM115.4 million for the third quarter ended 31 January 2023 (3Q FY2023) compared with RM87.4 million in the corresponding quarter of the previous financial year (3Q FY2022).

Managing Director of PT Resources, Heng Chang Hooi

For the quarter under review, the Company’s gross profit (GP) gained 58.1% to RM15.3 million compared with RM9.6 million in 3Q FY2022 while profit before tax (PBT) decreased by 55.4% to RM2.1 million. On a segmental basis, the processing and trading of frozen seafood products business contributed revenue of RM108.8 million in 3Q FY2023 while the trading of other products business contributed revenue of RM6.6 million. By geographical market, Malaysia contributed revenue of RM57.7 million while overseas markets comprising China and Saudi Arabia contributed revenue of RM57.7 million.

For the nine months ended 31 January 2023 (9M FY2023), the Company’s revenue increased 29.3% to RM356.1 million compared with RM275.4 million in 9M FY2022. GP increased 35.6% to RM42.3 million in 9M FY2023 compared with RM31.2 million in the corresponding period of the previous financial year while PBT increased 7.5% to RM18.3 million compared with RM17.0 million. For the 9M FY2023, there was also an 84.0% increase in administrative expenses to RM23.9 million due to one-off expenses resulting from listing expenses of RM4.0 million, an unrealised loss of RM4.6 million from foreign exchange volatility in 3Q FY2023 and, increase in staff costs of RM1.3 million.

Managing Director (MD) of PT Resources, Mr. Heng Chang Hooi said, “Over the longer term, we are optimistic for growth but in the short term, there are challenges arising from cost pressures that has affected our operations directly and indirectly while foreign currency volatility has also impacted profitability. We are committed to growing our market domestically through strengthening access to channel partners and opening up more of our MO Foodmart outlets locally while in the overseas markets, we are planning to increase supply to China.”

“The Company’s financial performance for the quarter was mainly due to an increase in domestic demand with the reopening of the economy while the increase in overseas demand was due to a rise in orders from existing customers in China in anticipation of higher demand for frozen seafood following the relaxation of COVID-19 quarantine rules.”

PT Resources Holdings Bhd: 0260 [BURSA: PTRB], https://www.ptresourcesgroup.com.my/

PT Resources Signs MoU for an International Supply Chain Intelligent Park that Integrates Digital Technology

  • Company teams up with Ocean Exchange to develop Malaysia East Coast International Supply Chain Intelligent Park and Digital Financial Comprehensive Platform Project

PT Resources Holdings Berhad, a processor and trader of frozen seafood products, and trader of other food products, is pleased to announce that the Company has signed a memorandum of understanding (MoU) with Ocean Exchange (Fujian) Foreign Trade Services Co. Ltd to establish cooperation between the two parties for the joint development of the Malaysia East Coast International Supply Chain Intelligent Park, which is inspired by the Marche International Cold Logistics and Cross-border E-commerce Project (Fuzhou Park) located in Fujian province, China.

MoU Signing Ceremony
YB Dato’ Mohamad Nizar bin Dato’ Sri Mohamad Najib

The project, which facilitates bilateral trade between Malaysia and China through Fuzhou, China is estimated to be worth RMB1.562 billion (or approximately RM1 billion). The project involves the establishment of an International Supply Chain Intelligent Park in Kuantan, Pahang, which is intended to drive the development of food and light industries supply-chain between Malaysia and Fuzhou with the aim of rapidly achieving currency internationalisation between the two countries.

The International Supply Chain Intelligent Park will encompass amongst others, integrated cold chain facilities to facilitate cross-border supply of consumer food as well as establish a digital financial platform utilising the UnionPay network to streamline and facilitate effortless cross-border payments and settlements between the International Supply Chain Intelligent Park and Fuzhou Park. In addition, the project also aims to boost the trade between the Malaysian seafood wholesale market and China through digital transformation, whilst collaborations with cold chain logistics companies will be initiated to facilitate an integrated logistics supply chain.

The Managing Director of PT Resources, Mr. Heng Chang Hooi said, “This is an excellent opportunity for both countries to develop a logistics hub to support international trade between Malaysia and China. We expect the project to strengthen the supply chain between Malaysia and China as well as be beneficial to the end consumers.”

“In addition, we expect a growth in our overseas sales in view of the growing affluence in China which will contribute to an increase in demand for frozen seafood in China.”

Member of the Pahang State Executive Council, YB Dato’ Mohamad Nizar bin Dato’ Sri Mohamad Najib said, “We commend the governments of Malaysia and China for their foresight in ensuring that businesses in both countries run their operations seamlessly through the project. We believe these initiatives could attract both domestic and international investors and businesses. China remains as one of Malaysia’s top trading partners and it is vital to have a hub to facilitate international trades between both countries.”

The MoU was signed by PT Resources’ MD, Mr. Heng Chang Hooi and Ocean Exchange representative, Mr. Richard Gan Woei Jer. Witnessing the MoU signing were Fujian province’s Member of the Standing Committee, Fuzhou secretary Lin Baojin; Deputy Speaker of the Dewan Rakyat, YB Alice Lau Kiong Yien; Member of the Pahang State Executive Council, YB Dato’ Mohamad Nizar bin Dato’ Sri Mohamad Najib; Chinese Embassy Minister-Counselor, Lin Shiguang; and Fuzhou Deputy Mayor, Huang Jianxiong.

Image 1: MoU Signing Ceremony
[L-R]
Host:
1. Wu Yongzhong, Fuqing Mayor
Standing:
1. Huang Jianxiong, Fuzhou Deputy Mayor
2. Lin Baojin, Fujian province’s Member of the Standing Committee, Fuzhou secretary
3. YB Alice Lau Kiong Yien, Deputy Speaker of the Dewan Rakyat
4. Lin Shiguang, Chinese Embassy Minister-Counselor
5. YB Dato’ Mohamad Nizar bin Dato’ Sri Mohamad Najib, Member of the Pahang State Executive Council
Seated:
1. Liangyong, Representative of Minqing County Government
2. Temenggong Datuk Vincent Lau Lee Ming, Representative of KTS Group
3. Heng Chang Hooi, Managing Director of PT Resources Holdings Berhad
4. Richard Gan Woei Jer, Representative of Ocean Exchange (Fujian) Foreign Trade Services Co. Ltd
( https://www.acnnewswire.com/topimg/Low_PTResources202302271.jpg )

Image 2: YB Dato’ Mohamad Nizar bin Dato’ Sri Mohamad Najib
1. YB Dato’ Mohamad Nizar bin Dato’ Sri Mohamad Najib, Member of the Pahang State Executive Council
( https://www.acnnewswire.com/topimg/Low_PTResources202302272.jpg )

PT Resources Holdings Bhd: 0260 [BURSA: PTRB], https://www.ptresourcesgroup.com.my/