V.S. Industry Berhad’s first-half financial result saw its revenue hit RM2.44 billion for 1HFY23, representing a 23.2% year-on-year increase from RM1.98 billion in the previous year attributing the double-digit improvement to higher sales orders from existing key customers.
In tandem with the above, the group’s profit after tax and non-controlling interest for the current period under review rose 8.5% YoY to RM91.1 million versus RM83.9 million in 1HFY22. The top-line growth was not fully reflected in the bottom-line as it was partially offset by unfavourable foreign exchange rates.
For the current quarter under review, VS reported a revenue of RM1.15 billion vis-à-vis RM1.01 billion in 2QFY22. The higher revenue registered was primarily attributed to increase in sales orders from key customers. However, this was not translated to the net profit due to forex loss incurred, amounting to RM19.8 million. As a result, the Group’s 2QFY23 net profit stood at RM30.4 million as compared to RM44.5 million.
VS’ balance sheet remained healthy with net gearing 0.22x as at end-January 2023, backed by net assets per share of RM0.59 per share and gross cash holdings of RM403.7 million. In line with its quarterly dividend payout practice, the Board has declared a second interim dividend of 0.3 per share for the quarter under review. This brought total dividend per share declared for the current financial period to 0.8 sen.
