JF Technology Berhad reported its third quarter and nine-month financial results recording its highest-ever nine-month performance in the financial period under review.
Its 9MFY22 revenue jumped 18.5% year-on-year to RM33.3 million from RM28.1 million a year ago. This was chiefly driven by sustained demand from customers for its high performance test contactors, encouraging sales from the test engineering solutions business, JF TestSense, as well as contribution from the Group’s new manufacturing facility in Kunshan, China.
In tandem with the double-digit top-line improvement coupled with the reversal of prior tax provision, 9MFY22 profit after tax and non-controlling interest also rose 18% YoY to an all-time high of RM13.7 million versus RM11.7 million in 9MFY2021.
Managing Director of JF Tech, Dato’ Foong Wei Kuong said, “The Group is pleased to have delivered our best-ever nine-month performance in our history. Looking ahead, we remain upbeat on the outlook of JF Tech as the Group’s growth drivers are gradually taking shape along with the upward trajectory of the global semiconductor industry. At the same time, we are also mindful of the ongoing challenges and market uncertainties.”
“Our manufacturing facility in Kunshan, China was temporarily affected by the lockdown, however, given that the facility is still at the gestation phase, the impact was minimal. Operations have since resumed and the Group is able to ramp up utilization to make up for the downtime. Moreover, our operations in Malaysia are also able to provide support if required.”
JF Tech will be enhancing its semiconductor test solutions services through the recent proposed acquisition of assets and business of Ikeda Technology (M) Sdn Bhd.”
“The test interface products of Ikea are complementary in nature with ours, and therefore we would be able to capture more business and enlarge our customer base. More importantly, the additional technical expertise coming onboard together with our existing research and development capabilities would facilitate the design and development of the next generation products to meet and exceed future technology needs.”
The Board expects the financial performance of JF Tech for the remaining quarter of FY2022 to be satisfactory barring any unforeseen circumstances,” Dato’ Foong concluded in his comments.
For the quarter under review, JF Tech posted revenue of RM10.3 million, representing an increase of 7.2% YoY from RM9.6 million a year ago. This was primarily attributed to the abovementioned factors.
Notwithstanding the higher revenue, the Group reported a net profit of RM3.2 million in 3QFY22 as compared to RM3.7 million a year ago.
