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Wellcall announces dividends totalling 2.8 sen per share as it ends FY2023 on high note

28 Nov 2023, 18:39 PM SGT

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KUALA LUMPUR (Nov 28): Wellcall Holdings Bhd announced an interim dividend and special dividend benefits to its shareholders on Tuesday.

The industrial rubber hose maker declared a fourth interim dividend of 1.8 sen per share for the financial year ended Sept 30, 2023 (FY2023), along with a special dividend of one sen per share, the group said, while announcing its fourth quarter of FY2023 (4QFY2023) results. Both dividends are payable on Dec 21.

The group's net profit surged 136.2% to RM17.87 million for 4QFY2023 from RM7.56 million a year earlier, on higher revenue. As a result, earnings per share rose to 3.59 sen in 4QFY2023 compared with 1.52 sen in 4QFY2022.

Quarterly revenue increased 24.1% to RM58.27 million from RM46.94 million a year earlier, mainly due to the group's continuous effort of strengthening global sales growth for industrial rubber hose.

The strong quarterly performance lifted the group's full-year net profit to RM56.51 million, up 69.7% from RM33.29 million in FY2022, while FY2023 revenue grew 22.9% to RM217.16 million from RM176.7 million in the previous year.

In a filing with Bursa Malaysia on Tuesday, Wellcall said it is optimistic that the group will remain resilient and able to sustain its market share and positioning despite the challenges ahead in the global economy.

"The group will continue to be cautious and responsive to market needs, actively manage the supply chain and material cost challenges, rightsizing the operations as well as improving operational efficiency.

"Barring unforeseen circumstances, we are optimistic of the group's future prospect for the coming FY2024 as we will continue to deliver a long-term value for our stakeholders," added Wellcall.

Shares of Wellcall ended 15 sen or 9.93% higher at RM1.66 apiece on Tuesday, with 2.22 million shares done. Its market capitalisation stood at RM826.59 million. The stock has risen 46.9% year to date.

Source: https://theedgemalaysia.com