KUALA LUMPUR (Feb 23): Padini Holdings Bhd booked a record high quarterly net profit of RM60.89 million in the second quarter ended Dec 31, 2021 (2QFY22), boosted by the full reopening of the economy after the national Covid-19 vaccine roll-out last year.

With the announcement of strong quarterly earnings, it declared a second interim dividend of 2.5 sen per share, to be paid on March 31, 2022, based on its bourse filings.

The latest quarterly net profit was about six times the RM10.65 million net profit it made in 2QFY21. Earnings per share jumped to 9.26 sen from 1.62 sen. Quarterly revenue rose 73.68% to RM427.17 million from RM245.96 million.

"The increase was mainly due to higher sales generated as a result of the relaxing lockdown on Aug 15, 2021, and the progress of vaccine roll-out, which has increased the footfall in shopping malls," the company said.

The latest results helped Padini post a net profit of RM44.03 million or 6.69 sen per share for the six-month period ended Dec 31, 2021 (1HFY22), up 40.34% from RM31.37 million or 4.77 sen per share in 1HFY21.

The stronger 1HFY22 profit was achieved despite revenue falling 8.64% to RM508.56 million from RM556.68 million — due to the Movement Control Order in June-August 2021, during which the majority of its outlets were closed — thanks to rental rebates and wage subsidies received during 1HFY22.

"Management will continue to provide value-for-money products and implement measures to control costs, optimise working capital, preserve cash and streamline its operations to minimise the impact," it said.

Padini's share price closed two sen or 0.65% higher at RM3.12, giving the company a market capitalisation of RM2.05 billion.