Riverstone logs 54.5% YoY net profit growth in Q124

This marks the fifth consecutive quarter of growth for the company.

Riverstone Holdings Limited continued to report gains in the first quarter of 2024 (Q124) following a 54.5% increase in its net profit to $20.62m (RM72.2m) versus the same period last year.

The company said this was the fifth consecutive quarter of sequential growth.  

The growth was backed by an increase in revenue by 4.8% year-on-year (YoY) to $71.25m (RM249.5m) driven by higher sales volume from the cleanroom glove segment following the recovery of semiconductor and consumer electronics industries.  

“Riverstone recommended an interim dividend of 4.0 sen (RM), translating to a dividend pay-out ratio of 82.1% for the period under review,” it said. 

The company is optimistic about the growth of its core cleanroom glove segment. It expects the recovery in the semiconductor and consumer electronics industries by end-FY2024 will drive orders for our gloves. 

Riverstone also plans on building new lines this year to increase capacity for cleanroom glove production to support longer-term demand in the space.

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“We are better positioned to capitalise on the uptrend given our product mix entailing higher-value customised products. Going forward, we will continue to focus on increasing our product value and new customer acquisition through customisation,” Riverstone Chairman and CEO Wong Teek Son said.

(RM1=S$0.28)