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RGB Int’l reports 142% year-on-year increase in group-wide revenue for 3Q of 2023

November 30, 2023 Malaysia Industry Updates

The distributor of gaming products in Malaysia, RGB International Bhd, said that group-wide sales for the third quarter of 2023 increased by 142% year over year to MYR170.4 million (US$36.6 million).

A general rise in the quantity of products sold might be the cause of this substantial increase. However, compared to the previous quarter, when sales peaked at MYR333.7 million (US$71.6 million) after COVID-19, this figure represents a 49% reduction.

With a profit of MYR28.1 million (US$6.0 million), the group outperformed its competitors by an incredible 1,660% during the same quarter last year. Still, compared to the second quarter, profits are down 4% year over year.

The sales and marketing division brought in MYR137.4 million (US$29.5 million) in revenue, a 212% growth year over year. Because more goods were sold, the company’s profit climbed by 278% to MYR23.4 million (US$5.0 million).

With a profit of MYR7.17 million (US$1.5 million), the Technical Support and Management (TSM) division had a 24% growth in sales to MYR32.0 million (US$6.9 million). This improved outcome might be attributed to advancements in most TSM channels. Furthermore, the Engineering Services division had a 62% growth in revenue, reaching MYR507,000 (US$109,000).

In the first nine months of 2023, RGB saw a startling 292% year-over-year increase in income, hitting MYR599.2 million (US$129 million). The equivalent profit for this period is MYR69.5 million, or US$14.9 million.

RGB International Bhd expects the fiscal year that ends on December 31, 2023, to be very successful. The company expects the tourism and hospitality industries, particularly in the regions where the Group operates, to continue to grow thanks in part to the revival of international travel. The company is confident about its future prospects despite facing inflationary pressures on operating expenditures. It attributes this optimism to the strong orders it has obtained so far.

Related Article About: RGB International

Original story by: IAG