Tuesday, 26 November 2024
Klang, 26 November 2024 – Bathroom and kitchen sanitary ware solution provider (厨卫洁具经销商), Sorento Capital Berhad (“Sorento Capital” or the “Company”), has today announced its first quarter (“1QFY25”) financial results for the period ended 30 September 2024. There are no comparative figures for the preceding corresponding quarter as this is the first interim financial report being announced in compliance with the ACE Market Listing Requirements of Bursa Malaysia Securities Berhad.
Excluding non-recurring IPO listing expenses of RM2.1 million, adjusted PBT for 1QFY25 reached RM9.4 million, representing an adjusted PBT margin of 20.9%. Adjusted net profit amounted to RM7.1 million, with an adjusted net profit margin of 15.8%.
Managing Director of Sorento Capital, Mr. Loo Chai Lai (吕再来) said, “Following our recent listing, Sorento Capital is strategically positioned to expand within the bathroom and kitchen sanitary ware industry. Our current market share in Malaysia is approximately 4%. With the capital raised, we are committed to broadening our distribution network and advancing strategic growth initiatives to strengthen our market leadership.”
“A key component of our growth strategy involves expanding our dealer network. We aim to recruit approximately 200 new dealers over the next three years, adding to our existing base of 664 dealers nationwide. Dealers serve as our primary distribution channel, enhancing the visibility of our brands and products, and extending our market reach. With our newly attained listing status, we believe that our brand awareness will2 increase, attracting new dealers and customers and ultimately supporting our earnings growth potential,” Mr. Loo concluded.
To recap, Sorento Capital was listed on the ACE Market of Bursa Securities on 28 October 2024 and has successfully raised a total of RM57.4 million.
Sorento Capital Berhad (“Sorento Capital”), through its subsidiaries, is principally involved in the marketing, distribution and sale of bathroom and kitchen sanitary wares. They have an extensive range of bathroom and kitchen sanitary ware products under their house brands, namely the flagship brand ‘Sorento’, as well as ‘Mocha’, ‘Cabana’ and ‘i-Born’. They are also the authorised distributor for foreign luxury third-party brands of bathroom and kitchen sanitary ware products, namely ‘Bravat’ branded sanitary wares (non-exclusive distributor) and ‘Infinity’ branded sanitary wares (exclusive distributor) in Malaysia.
For more information, please log on to https://www.sorento.com.my/
Released on behalf of Sorento Capital Berhad by Capital Front Investor Relations.
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Dwayne Teng
(M) dwayne@capitalfront.biz