KUALA LUMPUR (Jan 24): Betamek Bhd's net profit for the third quarter ended Dec 31, 2023 rose more than twofold to RM5.05 million from RM1.66 million a year earlier, on the back of higher revenue of RM59.22 million versus RM54.73 million.

In a bourse filing on Wednesday, Betamek said the higher revenue was mainly from its vehicle audio and visual (AV) products segments, adding that revenue was entirely derived from customers in Malaysia.

Earnings per share was 1.12 sen versus 0.37 sen previously.

The electronics manufacturing services provider declared a second interim dividend of two sen per share to be paid on Feb 23.

For the cumulative nine months ended Dec 31, Betamek posted net profit RM15.51 million versus RM10.56 million on the back of revenue RM166.01 millon against RM149.76 million previously.

Betamek executive director Fauzi Ghani said the company’s 3QFY2024 and 9MFY2024 profits have also improved significantly due to the company’s better control of the administrative and operating expenses.

On its prospects, Fauzi said he was confident that the demand for the company’s vehicle AV products and vehicle accessories will continue to grow in tandem with the growing demand for its major customer’s vehicles.

He said Betamek is cautiously optimistic of its potential performance for the current and the succeeding financial year.

Fauzi added that Betamek has declared RM15.8 million in dividends since its listing in October 2022.

At the midday break on Wednesday, Betamek dipped 1.39% or half a sen to 34.5 sen with 582,700 shares done.