Supercomnet Technologies Bhd (“Scomnet”), a manufacturer of medical devices, cables and fuel tanks, announced recently that it had received approval from Securities Commission Malaysia (SC) for the transfer of its shares and warrants from the ACE Market to the Main Market of Bursa Malaysia Securities Berhad.
“Scomnet is very much still in the growth phase. While we remain very focused on growing our existing medical and automotive businesses, at the same time we are on the lookout for earnings accretive merger and acquisition (M&A) opportunities,” said Supercomnet Technologies Executive Director Chih-Yu Hsueh.
“Notably, we have managed to exceed the Securities Commission’s Main Market transfer requirements. This includes attaining a minimum cumulative net profit of RM20 million over the past three years. The Group achieved this despite the impact of the COVID-19 pandemic and subsequent Movement Control Orders,” said Supercomnet Technologies Executive Director Lim Eng Chuan.
According to him, Scomnet delivered an aggregate adjusted profit-after-tax (PAT) of RM68.10 million over the past 3 audited financial years ending Dec 31 2019, 2020 and 2021 (FY2019 – FY2021). In FY22, the company delivered a record net profit of RM32.90 million.
Financially, the group possesses a highly liquid asset base of RM171.06 million as of March 31, 2023. Scomnet’s principal activities are the manufacturing and assembly of medical devices and cables, automotive fuel tanks, as well as wires and cables for electrical appliances, consumer electronics and automotive markets.
Within the medical segment, which currently contributes the bulk of Scomnet’s gross profit, the group’s customers include established multinationals from the U.S. and Europe, as well as new and emerging device manufacturers.
In FY2022, Scomnet’s PAT rose 30.5% to RM32.90 million, driven by higher revenue across all segments and increased sales of high-margin products, particularly in the medical segment.
