KUALA LUMPUR (Nov 24): Original design manufacturer Uchi Technologies Bhd posted a 3% rise in net profit to RM33.42 million for its third quarter ended Sept 30, 2023 (3QFY2023), up from RM32.51 million in the corresponding quarter last year, as it recorded stronger revenue on higher demand for its products and services.

The appreciation of the US dollar against the ringgit during the quarter also helped boost its earnings, the Penang-based group said in its bourse filing.

Earnings per share for the group rose to 7.33 sen from 7.18 sen previously. Quarterly revenue climbed 15% to RM62.89 million from RM54.68 million.

Uchi declared a second interim dividend of nine sen per share, payable on Dec 28, bringing the group's year-to-date dividend payout to 17 sen — five sen more than the 12 sen it declared for the same period last year.

For the nine months ended Sept 30, 2023 (9MFY2023), Uchi Tech's net profit rose 8.05% to RM99.59 million from RM92.17 million in 9MFY2022, as revenue increased 11.5% to RM178.13 million from RM159.76 million a year ago.

On prospects, the group is cautiously optimistic that its revenue in US dollar for FY2023 would grow at a high single-digit rate compared to FY2022.

"The group anticipates no significant changes in the geographical distribution and the revenue contribution ratio of product groups, even though performance might be affected by factors such as fluctuations in the US dollar, material shortages, and changes in material and labour costs," it said.

Uchi Tech's shares finished unchanged at RM3.47 on Friday, giving the group a market capitalisation of RM1.59 billion.