Mesiniaga recorded revenue of RM139.7 million for the first half of 2022, which was 65.3% higher than the RM84.5 million for the corresponding period in 2021. A profit before tax of RM2.6 million was recorded in the first half of 2022, compared to a loss before tax of RM1 million in the same period of 2021.
The group attributed higher project deliveries had contributed to better performance for the first half of 2022. The current quarter revenue of RM54.1 million is lower than RM85.6 million recorded in the preceding quarter. However, the current quarter’s profit before tax of RM1.5 million is 36% higher than the RM1.1 million recorded in the prior quarter. This was due to lower operating costs and higher service revenue with better margins.
Looking at prospects, Mesiniaga says while regular business activities have substantially resumed, the IT industry faces a shortage of semiconductor chips due to disruption in the supply of the required raw materials and high demand for chips for customer electronics and computing equipment. This will affect its timely delivery of secured projects.
In addition, higher inflation, the US Dollar’s strengthening, and an increase in interest rates are expected to impact the Group’s performance in 2022. To mitigate this, hedging is being done where necessary to minimise the impact of the fluctuations in US Dollars while it continues to focus on operational efficiency improvement and cashflow management to minimise borrowing.
