Friday 29 Mar 2024
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KUALA LUMPUR (May 19): Kobay Technology Bhd’s net profit surged to RM15.11 million for the third financial quarter ended March 31, 2022 (3QFY22), from RM7.07 million a year prior, carried by its manufacturing segment’s strong showing.

Earnings per share jumped to 4.92 sen from 2.35 sen, its bourse filing on Thursday (May 19) showed.

The precision metal components manufacturer’s quarterly revenue almost tripled or increased 184% to RM100.07 million from RM35.22 million a year ago, underpinned by its manufacturing segment’s improved contribution coupled with the contribution from its newly acquired pharmaceutical and healthcare products segment.

Kobay’s manufacturing segment was its key contributor demonstrated by its revenue contribution of RM66.96 million, a 107% increase versus RM32.3 million a year ago.

“The division delivered a strong performance compared with preceding year’s corresponding quarter, benefiting from the surge in demand from semiconductor, electrical and electronics (E&E) industries,” the company added.

Meanwhile, its newly acquired pharmaceutical and healthcare products segment delivered revenue contribution of RM26.96 million in the quarter under review. Its property and other segments also furnished improved contributions of nearly 123% and 29.4% year-on-year respectively.

For the nine-month period ended March 31, Kobay reported a net profit of RM39.35 million, which was more than doubled against RM18.25 in the same corresponding period a year earlier.

Likewise, its cumulative nine-month revenue jumped to RM259.04 million from RM110.12 million.

Kobay said it anticipates its manufacturing segment to continue to deliver promising results for 4QFY22, in line with strong demand for semiconductor chips.

“In addition, the [segment] is in the final stage of setting up a new factory plant to cater to its venture into manufacturing aluminium frames for solar panelsfor the renewable energy-related industry, further expand the clientele exposure and ultimately elevate the performance of the division,” it said, noting that the new plant is expected to commence operations by the end of 4QFY22.

Meanwhile, the group said its pharmaceutical and healthcare products segment is to continue to work on widening its product range, along with cost control efforts to improve profitability and market competitiveness.

“The management anticipates that the demand for pharmaceutical and healthcare products will remain strong underpinned by the increase in awareness for health and wellness and the swing from treatment to prevention mindset in the overall community,” it added.

Barring any unforeseen circumstances, Kobay said the group expects its performance to remain positive for 4QFY22.

Kobay’s share price fell 15 sen or 4.48% to RM3.20 on Thursday, giving the group a market capitalisation of RM1.04 billion.

Edited ByKathy Fong
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