SINGAPORE (Nov 10): Samurai 2K Aerosol saw its earnings quadruple to MYR 6.4 million ($2.1 million) for the half-year ended September, from MYR 1.5 million a year ago.
Revenue doubled to MYR 34.5 million in 1H18, from MYR 17.1 million a year ago.
This was on the back of higher revenue due to higher sales volume from its standard paint and premium segments, which grew 105.9% and 111.3%, respectively.
As at end September, cash and cash equivalents stood at MYR 19.6 million.
“Over the past years, we have built a strong foundation of end-user engagement and we have educated our consumers to enhance the aesthetic finishing of their two-wheelers. The results of our strategy are reflected through a strong set of financial results today,” says Ong Yoke En, Samurai 2K Aerosol’s executive director and chief executive officer.
In addition to the untapped area in its current markets, Ong says the group has identified the US as its next engine of growth. “This is clearly a huge market not to be ignored,” he says.
Shares of Samurai 2K Aerosol last closed at $1.015 on Thursday.