KUALA LUMPUR (Nov 12): It was a day of records for Inari Amertron Bhd on Friday (Nov 12) as its share price closed at a record high ahead of its announcement of all-time high quarterly revenue and profit.

The group said net profit for its first quarter ended Sept 30, 2021 rose 52.6% to a record high of RM106.93 million, from RM70.07 million a year earlier, on revenue growth across all segments led by the radio frequency business.

Earnings per share rose to 2.98 sen from 2.15 sen, it said in a stock exchange filing.

Quarterly revenue rose 24% year-on-year to another record of RM431.1 million from RM347.6 million, with the bulk of the contribution or 85.6% continuing to be derived from Singapore.

On a quarter-on-quarter basis, Inari's net profit improved 21.01% to RM106.93 million or 2.98 sen per share, from RM88.36 million or 2.64 sen per share in the immediate preceding quarter. Revenue rose 19.32% to RM431.1 million, from RM361.32 million.

Inari has proposed an interim dividend of 2.8 sen per share, up from two sen previously.

On its prospects, the group said: "Barring any resurgence of new Covid-19 variants, the group remains positive on its near–term prospects and believes the momentum heading into 2022 will continue to be strong from good demand and tight supply for the semiconductor market consistent with industry forecasts."

Shares of Inari rose nine sen or 2.3% to close at a record high of RM4, giving the group a market capitalisation of RM14.76 billion.