Thursday 28 Mar 2024
By
main news image

BUKIT MERTAJAM (Nov 26): Chin Well Holdings Bhd, the country's largest carbon steel fastener manufacturer, expects revenue boost from its do-it-yourself (DIY) fastener business in Europe as it gets new customers there.

Its executive director Tsai Chi-Yun said the group currently manufactures and supplies fasteners to eight customers in Europe, including British home improvement chain B&Q Plc.

She added that Chin Well is in talks to supply fasteners with two to three potential clients in Europe and hopes to secure their business next year.

"Revenue from the DIY segment has grown substantially year-on-year, increasing by 68% to RM89 million in the financial year ended June 30, 2015 (FY15) from RM53 million in FY14," Chi-Yun told reporters after the group's annual general meeting today.

Chi-Yun said the focus on DIY was to mitigate the slowdown in industrial fasteners segment where production has reduced due to the slowing economy.

"We want to target the DIY sector in Europe where people are incline to carry out their repairs and gardening (themselves)," she said.

Going forward, Chin Well managing director Sunny Tsai Yung Chuan said it also sees increasing sales coming from existing customers.

Chi-Yun cited B&Q, which has increased its orders for DIY products from 20% last year to 30% this year.

As at 2.25pm today, Chin Well shares were trading up one sen or 0.61% at RM1.65 with 403,500 shares done, for a market capitalisation of RM491.2 million.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

 

      Print
      Text Size
      Share