11 June 2024

Automotive - Record profit for Pecca Group in fiscal 2023

Automotive and aviation leather supplier Pecca Group has reported its financial results for the fourth quarter and 2023 fiscal year, when revenue was up 34.5% to RM221.26 million (US$47.1 million). By ILM.

Net profit for the year was up 55% to a record RM35.4 million (US$7.54 million), surpassing 2022’s already record-breaking result.

For the fourth quarter of the year, revenue was up 7.05% to RM54.33 million (US$11.6 million), which Pecca attributed primarily to demand for car upholstery, sewing and supply of car accessory covers.

Net profit for the quarter was up 22% year-on-year to RM10.08 million (US$2.15 million), while the net profit margin for the period was 18.6%, up from 16% in the same quarter of FY2022.

CEO Foo Ken Nee said: “We are pleased to report another record high quarter of strong financial results, demonstrating our commitment to delivering sustained business growth. Notably, this is the fourth consecutive quarter in fiscal 2023 where Pecca has set a new net profit record.”

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