KUALA LUMPUR (Feb 22): Perak Transit Bhd’s net profit grew 9.2% to RM17.31 million in the fourth quarter ended Dec 31, 2023 (4QFY2023), against RM15.85 million in the corresponding quarter the previous year.

Quarterly revenue, however, dropped 4.5% to RM40.59 million from RM42.53 million previously, its exchange filing on Thursday showed.

The integrated public transportation terminal (IPTT) operator declared a first interim dividend of 0.75 sen per share, payable on May 21, 2024.

In a separate statement, Perak Transit executive director Datuk Cheong Peak Sooi said the construction of the group’s third terminal, Bidor Sentral, has been completed and is currently pending the certificate of completion and compliance from local authorities.

The new terminal is expected to contribute positively to the group's earnings moving forward.

"Our core expertise in IPTT operations have consistently been our main revenue contributor in the past years. Anticipated to commence operations in the second half of 2024, Bidor Sentral will represent yet another significant milestone for the group," he said. 

Besides that, Perak Transit is also expecting more footfall traffic in Kampar Putra Sentral, following the commencement of bowling and go kart operations there in January 2024 and an increase in occupancy rate.

"Furthermore, our ongoing efforts in diversifying the portfolio of our businesses and revenue streams is evident with our five completed projects and four ongoing project sites under the telco tower construction operations as at Jan 31, 2023," Cheong added.

For the full FY2023, Perak Transit recorded a net profit of RM65.08 million, 8.5% higher than RM60 million the year prior. Annual revenue inched up to RM173.17 million from RM170.92 million previously.

At Thursday's market close, shares in Perak Transit were up one sen to RM1.26, giving the group a market capitalisation of RM935.1 million. Year to date, the counter has gained 10.53%, or 12 sen.