KUALA LUMPUR (Feb 27): Original design manufacturer Uchi Technologies Bhd posted a 9% increase in its fourth quarter net profit to RM35.64 million from RM32.69 million a year earlier, as it recorded stronger revenue following higher demand for its products and services.
Uchi Tech said the group also benefitted from the appreciation of the US dollar against the ringgit during the quarter as well as a gain of RM11.3 million arising from the disposal of assets held for sale.
Earnings per share for the quarter ended Dec 31, 2023 (4QFY2023) rose to 7.81 sen from 7.21 sen in 4QFY2022, according to the Penang-based group's bourse filing on Tuesday.
Quarterly revenue climbed 18% to RM64.39 million from RM54.57 million.
For the full year, Uchi Tech recorded a net profit of RM135.23 million, up 8.3% from RM124.86 million it recorded in the previous year, as revenue increased 13.2% to RM242.52 million from RM214.32 million.
Uchi Tech declared a third interim dividend of five sen per share and a final dividend of 7.5 sen per share, bringing the group's total dividend payout to 29.5 sen per share for FY2023 — five sen less than the 30 sen it declared for FY2022.
On its prospects for the year ahead, Uchi Tech said it expects no significant changes in the geographical distribution and the revenue contribution ratio of product groups, even though its performance might be affected by factors such as fluctuations in the US dollar, material shortages, and changes in material and labor costs.
"Nonetheless, the group maintains confidence in sustaining profitability with a strong balance sheet," it added.
Uchi Tech's shares finished unchanged at RM4.10 on Tuesday, giving the group a market capitalisation of RM1.89 billion.