KUALA LUMPUR: Hong Seng Consolidated Bhd’s net profit soared more than ten times to RM41.38mil as compared to RM3.04mil posted in the preceding year quarter.

       Its revenue for the current quarter showed a three-fold increase to RM75.86mil from RM25.29mil a year ago.

       It said that the stellar result was mainly due to the upsurge of revenue and profit from healthcare segments as well as the gloves manufacturing business since its commencement of production from October 2021.

       Group managing director Datuk Seri Teoh Hai Hin said its aggressive expansion into new businesses had started to pay off as the group consistently recorded positive financial results in recent quarters.

       “Despite the challenging economic environment amid the Covid-19 pandemic, we are expected to remain resilient while entering this period and will continue to strive for an even better performance in the financial quarters ahead,” he said.

       Teoh said Hong Seng was currently in the midst of securing a few more new projects, which if it materialises, would put the group on an even stronger footing.

       “Hong Seng’s healthcare unit, HS Bio Group, also continues to show great progress and contributes towards a large portion of our revenue.

       “With this accelerating momentum, we are targeting to list the company in the near future in order to be able to further reward our shareholders,” he said.

       It has aggressively expanded to include four key growth drivers namely healthcare, glove manufacturing, nitrile butadiene latex (NBL) and integrated logistics services, which are expected to transform Hong Seng into a conglomerate with diverse business segments that are all able to shine both locally and internationally.