UWC Berhad announced its results for the second quarter recording a profit after tax of RM18.8 million on the back of a 15% year-on-year growth in revenue to RM91.9 million for Q2FYE23.
The group said the higher revenue recognition was mainly due to the stronger involvement in both the semiconductor as well as life science and medical industry. Excluding losses from foreign exchange-related translations, the normalised PAT would have stood at RM25.2 million, marginally higher as compared to Q2FYE22’s RM25 million.
The balance sheet remains robust with a healthy net cash of RM100.8 million and a current ratio of 6.86 times.
UWC Executive Director & Group CEO Dato’ Ng Chai Eng said, “Despite uncertainty in the global economy, we remained resilient following our active engagements in securing more orders as well as moving into various industries within the semiconductor segment. Our approach has enabled us to maintain a healthy pipeline following the inclusion of projects such as frontend semiconductor, 5G, autonomous vehicle-related chip testers as well as electric vehicles battery cell emulators which will continue to drive the growth of the Group.
Looking at the long run, UWC remains optimistic of its business outlook.
