KUALA LUMPUR: Bird nest processor MYMBN Bhd recorded a net profit of RM1.74 million for the second quarter ended June 30, 2023 (2Q23), on the back of higher revenue.
The company registered RM23.12 million in revenue for the period, mainly driven by sales to customers in China.
"Based on the geographical segmentation, People's Republic of China (PRC) market remained the largest contributor to revenue, at RM19.20 million or accounting for 83.05 per cent of total revenue for 2Q23.
"This was followed by the Vietnam market which contributed RM3.91 million or 16.92 per cent of the total revenue, whilst Malaysia contributed the remainder RM8,000 or 0.03 per cent of the total revenue," it said in a statement today.
For the cumulative period of six months, MYMBN recorded a net profit of RM2.96 million and a revenue of RM40.74 million.
MYMBN chief executive officer Lavernt Chen Vun Wo said the company is pleased that the shares offered to the Malaysian public under initial public offering (IPO) have been oversubscribed by 30.77 times.
He added that after the PRC lifted its Covid-19 restrictions in December 2022, the company has witnessed a gradual recovery in the demand for its RUCEBN products from its customers in the PRC.
"Additionally, the encouraging response to date from Vietnam signifies the promising prospects ahead for the market as we gear to progressively diversify our reliance on the PRC market which is in line with our IPO's future initiatives.
"Looking ahead, even as we pursue growth and unlock greater value for our stakeholders, we will remain steadfast in demonstrating improvement in the coming quarters," he said.
