KUALA LUMPUR (March 28): ACE Market-listed ECA Integrated Solution Bhd announced a net profit of RM4.13 million, with a revenue of RM10.64 million for its first quarter ended Jan 31, 2023 (1QFY2023).

The automated manufacturing solutions provider posted an earnings per share (EPS) of 71 sen, according to its bourse filing on Tuesday (March 28).

While there is no official comparative figure following ECA’s ACE Market debut in November 2022, executive director Chua Lye Hock said in a statement that its reported 1QFY2023 net profit “accounted for more than half of our full year FY2022 net profit”.

ECA’s annual report showed it recorded a profit after tax (PAT) of RM7.81 million in FY2022, with a revenue of RM27.53 million. FY2022 bottom line was 4.5% weaker than RM8.18 million in FY2021, although revenue grew 34.2% from RM20.51 million.

The group said the improved results in 1QFY2023 were contributed by its manufacturing division from the integrated production system and standalone automation equipment, in addition to better overall cost management.

“We are working diligently to sustain our earnings growth momentum, with the aim of achieving another breakthrough year for the group and so far, our progress is on track,” said Chua, who is also chief operating officer of the group.

“On the flip side, we are cognisant of the challenging macroeconomic environment brought about by, among others, uncertainty in the supply chain and rising inflation.”

“However, keeping our cautious optimism, we expect the situation to improve in the second half of the year,” said Chua.

As of Jan 31, 2023, the group has deployed 44.7% of the total RM25.5 million raised in the listing for utilisation, with the majority of the proceeds earmarked for the acquisition of new advanced machinery to bolster production capabilities, followed by working capital purposes.

ECA’s share price closed one sen or 1.10% higher to 92 sen on Tuesday, giving it a market capitalisation of RM531.3 million. The counter is trading more than five times its initial public offering price of 17 sen per share.