KUALA LUMPUR (Feb 24): Pentamaster Corp Bhd said Thursday its net profit for the fourth quarter ended Dec 31, 2021 (4QFY21) fell 10.95% to RM19.65 million from RM22.07 million a year ago, despite stronger revenue growth.

The group’s quarterly revenue grew 11.13% to RM122.49 million from RM110.22 million a year ago, its filing with Bursa Malaysia showed. Earnings per share contracted to 2.76 sen in 4QFY21 versus 3.1 sen a year ago.

As for the financial year ended Dec 31, 2021 (FY21), the group’s  annual net profit went up 2.52% to RM72.67 million from RM70.89 million a year earlier, as its revenue increased by 21.4% to RM508.39 million from RM418.77 million.

The company recommended a final single-tier dividend of two sen for the quarter under review, amounting to approximately RM14.2 million in respect of FY21.

The group said its relatively strong revenue performance in FY21 was achieved on the back of strong year-on-year bookings growth especially in the second half of 2021, notably from the automotive segment.

For the year, the group witnessed year-on-year double-digit revenue growth in all its business segments with a healthy mix of revenue contribution with the exception of the medical device segment whose revenue contracted by 21.2% in 2021 compared with 2020.

The electro-optical segment, which is the key income earner, is expected to continue its growth momentum in 2022 albeit modestly, while the group increases exposure to other industry segments.

In respect of the automotive segment, Pentamaster expects to witness the continuous affluence of this segment with e-mobility emerging at an accelerated pace.

It also said the upcoming new manufacturing plant will pave the way for the group to deepen its foothold in the medical device segment and bring the growth of its factory automation solutions (FAS) segment to the next level.

Girded by a year of relatively stable financial performance in 2021, the group said it will continue to focus fundamentally on its operational capabilities and remain proactive in the development of new cutting-edge technologies and solutions.

“With a wide variety of challenges and opportunities confronting 2022, the group, having the pulse on global trends and requirements, is forward-looking in building another year of solid business growth,” it said.

Pentamaster’s share price fell three sen to RM3.57 on Thursday, valuing the group at RM2.3 billion.