KUALA LUMPUR (Aug 22): Evergreen Fibreboard  Bhd’s net profit jumped by more than four times to RM18.34 million for the second quarter ended June 30, 2022 (2QFY22) from RM4.21 million a year ago, on higher average selling prices for all of its products.

The better profitability was also supported by higher foreign exchange gain, which increased to RM1.92 million from RM1.17 million, as well as a higher gain on disposal of property, plant and equipment of RM1.32 million, versus RM365,000 previously.

Earnings per share rose to 2.17 sen from 0.5 sen, the wood panel products maker’s filing with Bursa Malaysia showed.

Quarterly revenue increased 54.75% to RM330.11 million, from RM213.31 million a year earlier.

The stellar quarterly result also lifted the cumulative six-month net profit, which more than jumped to RM35.87 million, from RM13.85 million a year earlier, as revenue expanded 45.44% to RM649.44 million from RM446.53 million.

Moving forward, the group said that the second half of 2022 looks to be challenging amid forecasts of recession in various countries.

“Most of the issues faced by the group are external and industry-wide, nonetheless, with a stronger foundation; the group is in a better position than last year to weather through and to emerge stronger when the supply chain issues and inflationary pressures subside and the world economy resumes its upward growth,” it added.

Share in Evergreen Fibreboard closed 0.5 sen or 0.99% lower at 50 sen on Monday (Aug 22), giving the group a market capitalisation of RM423 million.