Revenue for the quarter improved 2.8% to RM978.39 million from RM952 million previously.

The company attributed the improved performance to the better product mix with consumer packaging as well as improved property sales and steady construction progress.

“Property revenue increased 24.7% to RM323.3 million compared to RM259.2 million recorded in the preceding year corresponding quarter,” it said in a filing with Bursa Malaysia today.

It said higher contributions from the property division mitigated a slight dip in the packaging division, in line with global sentiment.

CEO Lim Peng Jin said Scientex’s long-term plans for the packaging division are intact, including prioritising sustainable innovations in collaboration with global customers to meet their sustainability goals with greener solutions.

“We also continue to bring new innovations to our customers that enhance their product value, and competitive edge as well as optimise performance and efficiency,” he said.

He said Scientex’s property division is seeing strong take-up for the RM1.15 billion worth of affordable houses launched in the first half of the financial year ending July 31, 2023 across various states, namely Johor, Melaka, Selangor, Penang as well as a maiden launch in Kedah.

“Moving forward, Scientex intends to upkeep a steady pace of growth across both engines centred on achieving overall well-being of stakeholders as part of our environmental, social and governance thrust,” he added.