NOVA 0201 Share Price

The Group’s profit after tax (PAT) for the current financial year ended 30 June 2024 is 7.868 million, down 48% from 14.992 million in the previous quarter. This drop is mainly due to lower revenue from slowing demand in key markets and a reduced gross profit margin. Higher material costs from currency fluctuations and additional expenses, like provisions for doubtful debts, stock obsolescence, and R&D amortization, also contributed to the decline. Moving Forward, The Group focused on key strategies by expanding its product range, market reach, and production efficiency. To keep market interest, we’re prioritizing consumer satisfaction and maintaining strong safety protocols to ensure product quality. To address lower profit margins, we’ll work to manage material costs by controlling currency fluctuations and optimizing our vendor selection.

The decrease in profit before tax by 69.4% were mainly due to lower sales contribution from House Brand products, recognition of employee benefit expenses for share options, recognition of loss allowance for doubtful debt and additional amortisation of research and development costs as a result of commercialisation of new products in the market in the current quarter under review.

The Group’s revenue decreased by 16.4% from 14.46 million to 12.09 million. The decrease is mainly due to lower sales demand for the House Brand products from RM13.75 million in the immediate preceding quarter to RM11.27 million for the current quarter under review which represents the decrease of 18.0%. The decrease in profit before and after tax was mainly due to lower sales contribution from House Brand products.

The Group’s revenue increased by 28.8% from RM11.23 million to RM14.46 million. This was mainly due to higher sales order for the House Brand products from RM10.26 million in the immediate preceding quarter to RM13.75 million for the current quarter under review which represents an increase of 34.0%.

The decrease in profit before tax and profit after tax by 14.7% mainly due to increase in staff cost resulting from annual bonus payment and upward salary revision made in the current quarter under review.

In Financial Year End 2020, the directors’ remuneration was 1.15 million. It was slightly high compared to average in listed companies, considering the employees’ remuneration of 6.7 million and auditor’s remuneration of 64 thousands

For the quarter, the Group’s revenue decreased marginally by 0.5% from RM8.82 million to RM8.78 million. This was mainly due to lower sales order for the OEM products. The Group recorded a profit before tax of RM3.64 million for the current quarter as compared to profit before tax of RM4.73 million in the preceding quarter. The decrease in profit before tax and profit after tax were mainly due to higher other operating expenses and selling and distribution expenses incurred.