Wednesday 24 Apr 2024
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KUALA LUMPUR (Aug 24): JF Technology Bhd posted a record high net profit of RM15.2 million for its financial year ended June 30, 2021 (FY21), up 89% from RM8 million in the previous year, amid lower operating cost-to-revenue ratio, stronger sales and higher gross profit margin.

Revenue jumped 43% to RM38.3 million, from RM26.8 million in FY20.

JF Technology announced a final dividend of 0.5 sen per share for the financial year.

The group attributed the double-digit revenue growth to robust demand from its customers. It said revenues from Malaysia and China rose 77% and 26% respectively, marking the first time the aggregate contributions from both countries exceeded the RM11 million mark.

Sales to the Philippines and the US also saw strong growth, soaring 112% and 35% respectively.

For the fourth quarter of FY21 (4QFY21), JF Technology's net profit rose 13% to RM3.48 million, from RM3.09 million a year earlier.

Quarterly revenue grew 25% to RM10.19 million from RM8.13 million, recording the group's sixth consecutive quarter of revenue growth since 2QFY20.

"We are pleased to have delivered successive annual record top- and bottom-line performances notwithstanding the challenging environment stemming from the Covid-19 pandemic and macroeconomic conditions," said JF Technology managing director Datuk Foong Wei Kuong.

He said the group remains focused on the execution of its growth drivers, adding that its interface business JF TestSense is expected to begin contributing to its earnings in FY22, thus providing an additional income stream.

Following its recent partnership with ISC Co Ltd, JF Technology is now a one-stop shop for test contacting solutions, which Foong said will boost the group's sales and generate another income stream through the test consumables, which is recurring in nature.

"We are excited as the market size is massive with high demand for these products. More interestingly, we also expect to manufacture ISC's spring probe test sockets housing and integration at our upcoming manufacturing facility in China," he said.

The group is currently operating at 60% capacity, although it expects to ramp up to full capacity within the next few weeks in accordance with the full vaccination of its staff.

JF Technology's share price rose three sen or 1.97% to close at RM1.55, giving a market capitalisation of RM1.43 billion.

Edited ByS Kanagaraju
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