Labelle Inc. is a $$50-$million dollar company that installs sound systems for special event venues. Most of their costs are associated with specialized materials accounting for $40\%$ of the business. Labor has held steady at $30\%$ and overheads are relatively low at $15\%$ due to remote work. They recently negotiated a merge with one of their suppliers who will effectively help them reduce their material costs. This promising partnership will help them realize a material savings of $8\%$ next year.

Assuming all other costs and sales remain the same, how willl this affect their profit?

Your answer should show both the dollar amount and the comparison of percentage change.