NST – ICONIC WORLDWIDE REGISTERS 416PC HIGHER NET PROFIT FOR Q2

Iconic Worldwide Bhd managing director Datuk Tan Kean Tet said effective from July, the company have aggressively ventured into the manufacturing of PPE, and it has already begun to positively contribute to the group’s earnings and financial performance within 3 months.

KUALA LUMPUR: Iconic Worldwide Bhd (IWB) registered a net profit of RM3.03 million for the second quarter (2Q) ended September 30, 2020 (FY21), which is 416 per cent higher than RM0.59 million recorded in the same quarter last year.

Quarterly revenue rose 353 per cent to RM11.67 million from RM2.58 million, mainly due to recognition from its property development and manufacturing business segment.

IWB’s six month cumulative quarter revenue and net profit currently stands at RM16.46 million and RM4.30 million respectively, compared to RM5.05 million and RM1.90 million same period last year.

Taking into consideration the positive contribution of its new personal protective equipment (PPE) manufacturing business and the expected growth in demand, the group is cautiously optimistic that it will be able to register an improved financial performance and result for the current financial year.

Managing director Datuk Tan Kean Tet said effective from July, the company have aggressively ventured into the manufacturing of PPE, and it has already begun to positively contribute to the group’s earnings and financial performance within 3 months.

“Barring any unforeseen circumstances, we are confident that we will achieve even better results in this financial year,” he said in a statement today.

To recap, IWB announced in September 2020 that it will invest RM155 million to build PPE manufacturing facilities on a 5.53-acre land parcel in Batu Kawan, Penang, with plans to produce approximately 3.1 billion pieces of gloves and 220 million pieces of face masks every year.

https://www.nst.com.my/business/2020/11/644322/iconic-worldwide-registers-416pc-higher-net-profit-q2
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