Riverstone Holdings' Q3 net profit jumps to $21.73m

The group's revenue rose to $89.83m thanks to increased production volume.

Riverstone Holdings Limited has reported a 21.8% year-on-year (YoY) increase in net profit for the third quarter, reaching $21.73m (RM 72.2m), up from $17.83m (RM 59.26m) in the previous year, according to its bourse filing.

The group’s revenue increased 33.9% YoY to $89.83m (RM 298.43m), driven by increased production volume and higher average selling prices.

Gross profit rose 33.2% YoY to $31.18m (RM 103.61m), with the gross profit margin remaining stable at 34.7%. However, the operating profit margin declined to 30.3% due to foreign exchange losses from the strengthening ringgit against the US dollar.

The board recommended an interim dividend of 4.0 sen per ordinary share. Including the 8.0 sen declared and paid this year, payout ratio stood at 82%.

Riverstone continues to expand its capacity, with six cleanroom production lines and three healthcare lines expected to be commissioned by the end of 2024, and an additional three healthcare lines slated for completion by the first quarter of 2025.

(RM 1 = $0.30)