Executive Summary
SP International Holding Limited delivered a solid QQ3 2024 performance anchored by meaningful topline growth and sustained profitability in its coconut-based packaged foods portfolio. Revenue of MYR 29,082,920 generated a YoY uplift of 29.8% and a QoQ uptick of 3.3%, while gross profit rose 72% YoY to MYR 8,057,493, driving a gross margin of 27.7%. Operating income reached MYR 5,363,653 with an operating margin of 18.4%, translating into a net income of MYR 3,060,012 and an EPS of MYR 0.0028, implying a robust earnings trajectory on a per-share basis.
The company also demonstrated healthy cash generation, with net cash provided by operating activities of MYR 2,724,524 and free cash flow of MYR 3,651,895 for the period. A strong balance sheet underpins the earnings, as total assets stood at MYR 172.1 million with equity of MYR 126.7 million and net debt of MYR 8.1 million. The liquidity framework remains solid, with a current ratio of 2.74 and a cash-to-debt posture that supports ongoing working-capital needs and selective expansion.
Looking forward, SP International appears well-positioned to benefit from product breadth (coconut cream products, desiccated coconut, coconut milk, etc.), OEM and export demand, and potential margin discipline. However, the absence of explicit management guidance in the data requires investors to monitor commodity costs, currency and FX exposure (MYR effects on HK-denominated operations), and working-capital dynamics as the company scales. Overall, the QQ3 results reinforce a constructive setup for near-term earnings durability, subject to the normalization of working-capital outflows and any external market volatility.
Key Performance Indicators
QoQ: 172.02% | YoY:253.92%
QoQ: 88.43% | YoY:122.09%
QoQ: 86.67% | YoY:115.38%
Key Insights
Revenue: MYR 29,082,920; YoY growth 29.79%; QoQ growth 3.26%\nGross Profit: MYR 8,057,493; YoY growth 72.00%; QoQ growth 23.09%\nGross Margin: 0.2771 (27.71%)\nOperating Income: MYR 5,363,653; YoY growth 253.92%; QoQ growth 172.02%\nOperating Margin: 0.1844 (18.44%)\nNet Income: MYR 3,060,012; YoY growth 122.09%; QoQ growth 88.43%\nNet Margin: 0.1052 (10.52%)\nEBITDA: MYR 6,808,670; EBITDARatio: 0.2341\nEPS: MYR 0.0028; Diluted EPS: MYR 0.0028; Weighted avg shs: 1,080,131,309\nCash Flow: Net cas...
Financial Highlights
Revenue: MYR 29,082,920; YoY growth 29.79%; QoQ growth 3.26%\nGross Profit: MYR 8,057,493; YoY growth 72.00%; QoQ growth 23.09%\nGross Margin: 0.2771 (27.71%)\nOperating Income: MYR 5,363,653; YoY growth 253.92%; QoQ growth 172.02%\nOperating Margin: 0.1844 (18.44%)\nNet Income: MYR 3,060,012; YoY growth 122.09%; QoQ growth 88.43%\nNet Margin: 0.1052 (10.52%)\nEBITDA: MYR 6,808,670; EBITDARatio: 0.2341\nEPS: MYR 0.0028; Diluted EPS: MYR 0.0028; Weighted avg shs: 1,080,131,309\nCash Flow: Net cash from operating activities MYR 2,724,524; Free cash flow MYR 3,651,895\nCapital Expenditure: MYR 927,371; Free Cash Flow Yield approximate; Net change in cash negative due to FX and working capital movements
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
29.08M |
29.79% |
3.26% |
| Gross Profit |
8.06M |
72.00% |
23.09% |
| Operating Income |
5.36M |
253.92% |
172.02% |
| Net Income |
3.06M |
122.09% |
88.43% |
| EPS |
0.00 |
115.38% |
86.67% |
Key Financial Ratios
operatingProfitMargin
18.4%
Management Commentary
No earnings call transcript data provided in the supplied inputs. As a result, key management quotes or theme-based highlights could not be extracted. If a transcript becomes available, a thematically organized synthesis (Strategy, Operations, Market Conditions) with context and significance will be added here.
Forward Guidance
No formal guidance was included in the provided data. Inference-based perspective: the company operates in a defensible consumer staple space (coconut-based packaged foods) with diversified product lines and geographic reach. Investors should monitor: 1) raw material costs and coconut price volatility; 2) currency translation effects given MYR reporting and HK listing; 3) working-capital trajectory and inventory management, given high inventory days (approximately 124 days); 4) potential OEM and export growth opportunities; 5) competitive dynamics in packaged foods across Asia and the Middle East. If management communicates targets later, the achievability will hinge on revenue mix optimization, margin discipline, and capital-expenditure efficiency.