The integrated engineering supporting services provider, announced its results for the first quarter of the financial year ending 31 July 2023 (Q1FYE23).
UWC’s revenue, profit before tax (PBT) and profit after tax (PAT) clocked in at RM92.1 million, RM37.5 million, and RM29.2 million respectively, which translated to growth rates of 22.3%, 25.0% and 27.0% respectively as compared to Q1FYE22.
The improved financial performance was mainly due to the higher involvement in both the semiconductor and life science and medical industry.
The higher profit margins in turn were the end result of the Group’s encroachment into the front-end supply chain and provision of higher value products to its clients.
UWC continues to maintain sturdy financials with a healthy net cash of RM65.3 million and current ratio of 5.98 times.
“Not only UWC has yet again delivered another set of impressive results despite the challenging environment, the Q1FYE2023 net profit is more than double that of pre-Covid Q1FYE2020’s net profit. The improved financial performance is backed by the strong demand from our clients especially from the semiconductor field. With all the expansion plans we had, we are well poised to seize any opportunity which may arise from that field,” UWC Executive Director & Group CEO Dato’ Ng Chai Eng said.
“Moving forward, our optimism of the global semiconductor industry’s outlook remains steadfast. The ongoing global economic and geopolitical developments may have initiated a snowballing effect where the global industry’s growth projection was trimmed.”
“While growth may have been downgraded, the global market is still valued at over RM2.5 trillion in (calendar year) 2023. Huge opportunity to chip away part of the market to boost our market share,” Dato Ng concluded.