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us apple developer accounts for sale(buyappleacc.com):Rex Industry: Turnaround done, double the revenue next

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,Managing director Darmendran Kunaretnam (pic) sees “significant room for improvement” for the group’s margins, going forward.

CANNED food and beverage manufacturer Rex Industry Bhd’s three-year turnaround plan was completed recently and this has brought the group back into profitability, including at the operating profit level.

Had it not been for the Covid-19 pandemic, Rex’s profits for the financial year ended June 30, 2021 (FY21) would have been higher, according to the group.

And within the next three years, Rex aims to double its revenue from RM160.54mil in FY21.

The group believes this is achievable as it introduces new products, boosts its production capacity, expands the client base and partners with more large-scale retailers.

These efforts are already underway.

Rex’s export sales, which have increased since the pandemic and currently contribute 50% of total sales, are also expected to contribute more to the topline.

For now, the group has a low operating profit margin of 3.4% as of FY21, with an operating profit of RM5.45mil.

However, managing director Darmendran Kunaretnam (pic) sees “significant room for improvement” for the group’s margins, going forward.

“As we continue to improve our production efficiency, product mix and grow our topline – our margins should naturally improve,” he tells StarBizWeek.

Darmendran also says the margins would improve with Rex’s higher economies of scale and better cost control.

Darmendran is the single largest shareholder of Rex and currently controls about 12.68% direct and 24.58% indirect stake in the group.

He first emerged at Rex back in 2015 and was soon appointed as the managing director in the same year.

The group’s turnaround plan began under his stewardship.

Throughout the turnaround process that began in 2018, Rex has reduced its products by 40% to 50% to focus more on higher-margin products to drive profitability.

“Stock-keeping units (SKUs) or products that were less profitable but required a lot of resources to produce were outsourced to original equipment manufacturers.

“This allowed us to focus in-house production capacity on higher value and higher margin products.

“With the lower amount of SKUs, this also helped with inventory management,” says Darmendran.

In addition to streamlining its product portfolio, Rex also significantly reduced its headcount in both of its operating markets, Malaysia and Indonesia, by investing in automation.

In a span of four years, the headcount in Malaysia fell sharply from 400 staff to about 100, while in Indonesia, the headcount reduced from 800 staff to less than 600 currently.

Darmendran says the group’s workforce in Indonesia is expected to decline further.

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