KUALA LUMPUR (Aug 27): Malaysian Pacific Industries Bhd’s (KL:MPI) saw its fourth quarter net profit surge nearly 11-fold year-on-year (y-o-y), thanks to higher revenue from its Asia and Europe market segments, as well as a reversal from its executive share scheme provision during the quarter.

Net profit for the three months ended June 30, 2024 (4QFY2024) was RM82.97 million — its highest quarterly earnings since 2QFY2022 — as compared to RM8.14 million a year ago, the semiconductor firm said in a filing on Tuesday. Earnings per share rose to 41.71 sen against 4.09 sen in 4QFY2023.

Revenue for the quarter was up by 10.45% to RM532.84 million from RM482.43 million in the same quarter a year earlier. The company did not declare any dividend for the latest quarter.

MPI said revenue for its Asia market segment increased by 18% year-on-year while the same for its Europe market segment was up 13%. Meanwhile, revenue for its US market fell 11% compared to last year.

For its full FY2024, net profit nearly tripled to RM164.40 million, compared to RM61.33 million in the same period last year, while revenue increased 2.45% to RM2.09 billion from RM2.04 billion in FY2023.

Commenting on its outlook, MPI said the business environment will remain uncertain due to ongoing geopolitical tensions and the China trade war.

However, the group is optimistic that it can benefit from the global demand for electric vehicles (EV), artificial intelligence (AI) chips and data centres.

“The group will continue to innovate on advanced packaging capabilities and enhance customer service while implementing operational efficiency measures to contain costs,” it said.

MPI’s shares dipped RM1.30 or 3.77% to close at RM33.20 on Tuesday, giving it a market capitalisation of RM6.97 billion. Year to date, the stock has climbed 18.49%.