For the third quarter ended 30 September 2022 (Q3FYE22), QES recorded an all-time high revenue and PATMI performance amounting to RM72.0 million and RM9.5 million respectively.
This marks an increase of 39.3% as compared to RM51.7 million in the corresponding quarter in the previous year (Q3FYE21).
The increase was mainly attributed to higher sales from QES’ distribution division by 29.6% and manufacturing division by 130.0%.
The Group posted a higher profit before tax (PBT) of RM13.1 million, an increase of 147.6% as compared to Q3FYE21, which is in line with the revenue growth.
QES performed strongly in most of its ASEAN regions. In Malaysia, the revenue increased by 75.6% as compared to Q2FYE22 to RM31.9 million. In addition, revenue from Singapore rose to RM18.2 million marking an increase by 193.5% compared to Q2FYE22.
Meanwhile, its cash flow and balance sheet remained solid, with cash and cash equivalents at RM72.3 million. The gross gearing ratio also remained at a healthy 0.29 times.
“It is encouraging to see the continued momentum in the semiconductor industry which has inevitably led to QES recording a remarkable year for 2022. Although the semiconductor industry recent outlook has been downgraded especially for memory, PC and mobile phone applications, we continue to see demand from the automotive and industrial applications,” QES Managing Director and President Chew Ne Weng said.
“In the longer term, we are still optimistic on the overall semiconductor industry demand outlook given the development and proliferation of Electric Vehicles, 5G, Artificial Intelligence, Data Centers and IoT which will require numerous high computing power and chips,” Chew elaborated.
“During the Q3FYE22, we are pleased to kickstart the process of planning the construction and development of a new manufacturing plant in Batu Kawan Industrial Park at Penang. We target to commence operations by Q1FYE24 and this should put us in a good position to capture the recovery from an uncertain FYE23. We hope that our shareholders will ride through this journey with us,” Chew added.
“QES is in the midst of setting up a new subsidiary in China to further expand our China business revenue contribution from our manufactured products and to explore opportunities to foster strategic partnerships with the local China companies,” he concluded.
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