KUALA LUMPUR (Feb 25): Malaysian Pacific Industries Bhd (MPI), which was the star performer in terms of share price in 2021, posted a net profit of RM85.32 million in the second quarter ended Dec 31, 2021 (2QFY22) – the highest level seen in two decades since 2QFY01.

The semiconductor company’s net profit was 27.3% higher year-on-year (y-o-y) compared with RM67.04 million in the corresponding quarter a year ago amid higher contribution from its Asia, US and Europe segments.

Earnings per share (EPS) for MPI stood at 43 sen compared to 33.87 sen, according to its filing.

Quarterly revenue jumped by 25.6% to RM608.01 million from RM483.94 million. By geographical breakdown, Asia registered 26% during the quarter under review, US 33% and Europe 20%.

Compared to its immediate preceding quarter ended Sept 30, 2021 (1QFY22), MPI’s net profit was 4.45% higher compared with RM81.68 million while revenue increased by 4% to RM584.5 million.

Despite the stellar set of earnings figures, MPI did not declare any dividend. The company paid a dividend per share of 10 sen for FY20 and FY21.

For the first six-month period ended Dec 31, 2021, MPI registered a net profit of RM167 million, a 36.5% increase from RM122.35 million on the back of a 29% revenue growth to RM1.19 billion from RM924.52 million.

Cumulative EPS for the six-month period stood at 84.17 sen versus 61.93 sen in FY21.

The group said that for 1HFY22, its Asia, US and Europe segments saw a 28%, 32% and 30% improvement in revenue contribution compared to 1HFY21.

On prospects, MPI said it will focus on its business strategies and operation efficiencies to ensure sustainability and strengthen its fundamentals while also expecting its performance for FY22 to be satisfactory amid a challenging operating environment due to manpower limitations, supply chain disruptions, rising inflation and the Covid-19 pandemic.

At Friday’s (Feb 25) market close, MPI’s share price went up 90 sen or 2.56% at RM36 per share, valuing it at RM7.16 billion based on 198.9 million shares.

The stock is trading at 23.93 times historic earnings, according to Bloomberg data. Year-to-date, MPI’s shares had declined RM13.50 or 27.27% from RM49.50 after it rocketed 92% in 2021.