KUALA LUMPUR (Aug 23): Original design manufacturer Uchi Technologies Bhd (KL:UCHITEC) said its second-quarter net profit grew 13.38% to RM32.17 million from RM28.37 million a year earlier, driven by the US dollar's appreciation against the ringgit.

Earnings per share rose to 6.99 sen for the quarter ended June 30, 2024 (2QFY2024) from 6.22 sen in the same quarter of the previous year, according to the group in a bourse filing.

Revenue increased 2.15% to RM59.06 million from RM57.81 million in 2QFY2023, amid the strengthening of the US currency. However, revenue in US dollar terms decreased 3% to US$12.5 million, due to lower sales demand for its products and services, the group said.

Uchi Technologies declared a first interim dividend of 6.5 sen per share, payable on Sept 26. This brings the group’s year-to-date dividend payout to eight sen, matching the amount declared for the same period last year.

For the first half ended June 30, 2024 (1HFY2024), net profit slightly fell 2.95% to RM64.22 million from RM66.17 million in the same period last year. This was despite half-year revenue rising 5.23% to RM121.27 million from RM115.24 million for 1HFY2023.

Looking ahead, Uchi Technologies anticipates a “high-single-digit decline in US dollar revenue for FY2024”. The group also expects no significant changes in the geographical distribution and revenue contribution ratio of product groups, despite potential impact of US currency fluctuations, material shortages, and changes in material and labour costs.

Shares in Uchi Technologies closed unchanged at RM3.80 on Friday, valuing the group at RM1.75 billion.