KUALA LUMPUR (Nov 25): Harrisons Holdings (M) Bhd's net profit grew 71% to RM16.71 million in the third quarter ended Sept 30, 2022 (3QFY2022) from RM9.75 million a year ago, driven by better gross margins and incentives earned as well as adjustments to inventories.

The trading and distribution company said in a stock exchange filing that revenue grew 18% to RM539.24 million from RM457.2 million.

For the cumulative nine months ended Sept 30, 2022 (9MFY2022), net profit grew 59% to RM46.93 million from RM29.44 million in the previous corresponding period, while revenue increased 15.5% to RM1.66 billion from RM1.44 billion. 

Going forward, Harrisons said its fast-moving consumer goods, which represent over 80% of the group's total businesses, are expected to grow in tandem with Malaysia's forecast gross domestic product of 5%-6% in 2022.

"We anticipate the smaller building materials division, engineering products division, industrial and agricultural chemical products division, shipping agency division and retail division to continue to do well as the domestic economy opens despite inflation and rising interest rate challenges," it said. 

Harrisons' share price, which has climbed 34% year-to-date, closed 28 sen or 4.38% lower at RM6.11 per share on Friday (Nov 25), giving it a market capitalisation of RM418.47 million.