KUALA LUMPUR: Malaysian Pacific Industries Bhd (MPI) posted a stronger net profit of RM164.40 million for the financial year ended June 30 2024 (FY2024) from RM61.33 million in the previous year.

In a Bursa Malaysia filing, MPI said the higher profit was attributed to the reversal of its executive share scheme provision, higher interest income and better exchange rates.

Meanwhile, revenue was slightly higher at RM2.09 billion from RM2.04 billion, with the Asia and the United States of America (USA) segments recording higher revenue of one per cent and 10 per cent, respectively.

For the fourth quarter ended June 30, 2024, net profit soared to RM82.97 million versus RM8.14 million on the back of a higher revenue of RM532.84 million from RM482.43 million and the reversal of the executive share scheme provision.

Regarding prospects, MPI expects the immediate global business outlook to remain uncertain due to the ongoing geopolitical tension and the US-China trade war.

“However, with the global demand for electric vehicles, artificial intelligence chips and data centres continuing to rise, the board is optimistic that our business will benefit positively from this uptrend,” it noted. – Bernama