KUALA LUMPUR (Feb 21): Underpinned by stronger domestic sales, Lee Swee Kiat Group Bhd (LSK)’s net profit more than doubled to RM3.8 million in the fourth quarter ended Dec 31, 2022 (4QFY2022), from RM1.63 million a year ago.

Quarterly revenue rose 8.37% year-on-year to RM35.35 million, from RM32.62 million, the latex mattress maker’s filing with Bursa Malaysia showed.

As a result, earnings per share for 4QFY2022 improved to 2.35 sen per share, from 1.01 sen per share during the same period a year ago.

It declared an interim dividend of 3.5 sen per share, amounting to approximately RM5.65 million.

The robust quarterly results also led to LSK posting its best ever annual net profit of RM13.03 million for the financial year ended Dec 31, 2022 (FY2022), up 71.83% compared to RM7.58 million in FY2021. Annual revenue also increased 23.31% to a record high of RM129.02 million, from RM104.63 million previously.

On prospects, LSK warned of the current weak demand from overseas markets, as a result of high global inflation and interest rates.

Apart from consumer sentiment, other factors that would have a direct impact on the group's performance in FY2023 include fluctuation in price of centrifuged latex, which is the main raw material for the group’s operation, it noted.

LSK’s shares closed unchanged at 82.5 sen, giving the group a market capitalisation of RM138 million.