KUALA LUMPUR (Aug 18): Kobay Technology Bhd's earnings rose in the fourth quarter ended June 30, 2022 (4QFY22), supported by a better performance by its property development and property letting segments, and boosted by contributions from its newly acquired pharmaceuticals business.

Net profit rose 40.34% to RM11.94 million, from RM8.51 million in 4QFY21, the group said in a stock exchange filing.

It said its property division's profit before tax (PBT) jumped 225% year-on-year to RM4.79 million, due to a pickup in progress billing for its ongoing project.

The pharmaceuticals and healthcare products division further improved the group's performance by delivering a PBT of RM3.15 million for the quarter.

Other operating segments, which mainly involved property letting business, reported a higher PBT of RM462,000, from RM215,000 previously.

The manufacturing division — the largest contributor to the group's performance — reported a quarterly PBT of RM10.78 million, down by just 1% from RM10.94 million a year ago.

Kobay has proposed a first and final dividend of three sen per share.

For the full FY22, Kobay's net profit surged 91.66% to RM51.29 million from RM26.76 million in the previous financial year.

FY22 revenue more than doubled to 354.27 million from RM156.99 million.

The group said the better revenue was due to a higher demand from electrical and electronics industry and contribution from the newly acquired pharmaceuticals business.

Moving forward, the group said its performance is expected to remain positive for FY23.

"The management will continue to adopt a prudent approach in its business operations to stay resilient in addressing the increasing inflationary pressures across the world," it added.

Kobay's share price closed 12 sen or 4.01% higher at RM3.11 on Thursday (Aug 18), giving the group a market capitalisation of RM1.01 billion.