KUALA LUMPUR (May 10): Mi Technovation Bhd (KL:MI) saw its net profit more than quadruple to RM26.79 million in the first quarter ended March 31, 2024 (1QFY2024), compared to RM6.4 million in the same period last year.

This jump was driven by a combination of higher revenue, which climbed by 39.4% year-on-year to RM107.13 million due to higher demand from customers, as well as foreign exchange gains amid the strengthening US dollar.

Profit before tax (PBT) surged by 360.7% to RM30.8 million from RM6.7 million while PBT margin increased to 28.7% from 8.7%.

According to Mi Technovation, about 57.2% of total revenue for the quarter was contributed by its semiconductor equipment business unit, with 42.8% from its semiconductor material business unit. 

On prospects, Mi Technovation said it will continue to diversify and expand its business scale despite macro challenges and uncertainties in the semiconductor industry.

“We remain focused on developing and delivering differentiated products to our customers through continual innovation. Barring any unforeseen circumstances, the management is cautiously conservative about the group’s prospects in 2024.

“Considering the short-term risk and challenges, the long-waited full recovery of the semiconductor industry in 2H2024 [second half] may just be wishful thinking,” it added.

At Friday’s closing bell, Mi Technovation’ share price was one sen or 0.52% higher at RM1.95. This gives the group a market capitalisation of RM1.76 billion.