Malaysian polyethylene (PE) film and bag maker BP Plastics Holding Bhd posted a net profit of MYR10.11 million ($2.42 million) for the third quarter of 2021. That represents a 30.5% increase from MYR7.75 million in the same quarter in 2020. The company’s third-quarter revenue came in at a record high of MYR113.31 million ($27.07 million), surging 53.46% from MYR73.83 million a year earlier, thanks to improved demand and higher selling prices, despite Malaysia’s strict movement restrictions during the quarter.
Compared to the second quarter of 2021, BP Plastics’ net profit was down 31.6% from MYR14.77 million, while its revenue was up 4% from MYR108.95 million. For the first nine months of the year, the group’s net profit increased 53.98% year-on-year to MYR34.56 million ($8.26 million), while its revenue gained 39.09% to MYR322.32 million ($77.02 million).
In a bourse filing, BP Plastics said it would distribute a special dividend of one sen (0.24 cents) per share and a third interim dividend of two sen (0.48 cents) per share by January 2022. This brings the group’s year-to-date total dividends to nine sen per share, compared to six sen in the corresponding period last year. The company expects to deliver a good and profitable performance this year despite challenges. BP Plastics shares gained six sen or 2.06% to MYR2.97 ($0.71), with a market capitalisation of MYR557.43 million ($133.20 million).
