KUALA LUMPUR: Iconic Worldwide Bhd’s net profit surged 416% to RM3.03mil in the second quarter ended Sept 30 against RM587,000 recorded in the preceding year corresponding period.

Its quarterly revenue rose 353% to RM11.67mil from RM2.58mil, mainly due to recognition of revenue from its property development segment coupled with recognition of new revenue source from its manufacturing business segment.

In the first six months, Iconic’s revenue and profit after tax currently stood at RM16.46mil and RM4.3mil respectively, compared to the preceding corresponding period where they posted a revenue of RM5.05mil and profit after tax of RM1.9mil.

“Effective from July, we have aggressively ventured into the manufacturing of personal protective equipment (PPE), and it has already begun to positively contribute to the group’s earnings and financial performance within three months,” managing director Datuk Tan Kean Tet said in a statement.

“Barring any unforeseen circumstances, we are confident that we will achieve even better results in this financial year,” he added.

Iconic announced in September 2020 that it will invest RM155mil to build PPE manufacturing facilities on a 5.53-acre land parcel in Batu Kawan, Penang, with plans to produce approximately 3.1 billion pieces of gloves and 220 million pieces of face masks every year.

https://www.thestar.com.my/business/business-news/2020/11/25/iconics-2q-net-profit-surges-to-rm3mil