Mi Technovation quarterly earnings, revenue climb to new peak in 2QFY21

Mi Technovation quarterly earnings, revenue climb to new peak in 2QFY21
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KUALA LUMPUR (July 30): Mi Technovation Bhd’s net profit for the second quarter ended June 30, 2021 (2QFY21) soared to a record high of RM26.11 million, marking a 43.58% increase from RM18.18 million posted a year earlier, underpinned by higher sales revenue.

Quarterly revenue registered a strong growth of 89.44% to its highest yet at RM117.29 million — surpassing the RM100 million mark for the first time — from RM61.92 million a year ago, thanks to strong demand for semiconductor equipment, the Penang-based semiconductor industry equipment provider’s filing with local exchange operator showed.

“The strong demand on semiconductor equipment in current quarter was mainly due to deployment of 5G enabled handphones as well as demand on electronics for wireless and telecommunication applications for study and work from home during the pandemic,” it noted, adding that the strong demand for semiconductors has resulted in the semiconductor equipment business unit contributing RM90.7 million (74.4%) to the group’s top line in 2QFY21.

It also added that higher revenue was due to Accurus Scientific having been consolidated into the group’s top line since the completion of the acquisition on April 19, 2021, contributing RM26.6 million or approximately 22.6% of the total revenue for the current quarter.

Mi Technovation, however, did not declare any dividend to its shareholders for the quarter. 

For the cumulative six-month period ended June 30, its net profit grew 4.02% to RM29.62 million from RM28.48 million a year before, while cumulative revenue spiked 76.48% to RM171.47 million against RM97.16 million.

The board is optimistic about the group’s business prospects for the financial year ending Dec 31, 2021 (FY21), anchored by the proven business model with penetration into both semiconductor manufacturing equipment and material segment within the semiconductor value chain.

Mi Technovation shares closed 15 sen or 4.01% higher at RM3.89, valuing the group at RM3.21 billion.

Lam Jian Wyn