KUALA LUMPUR (Aug 30): NationGate Holdings Bhd (KL:NATGATE), which was recently transferred to the Main Market of Bursa Malaysia, saw its net profit almost doubled to RM28.54 million in the second quarter ended June 30, 2024 (2QFY2024), from RM14.32 million a year ago, as revenue more than quadrupled.

Quarterly revenue shot up to RM679.71 million, nearly five times more than the RM143.73 million it made in 2QFY2023, mainly contributed by higher demand, especially for the data computing segment, according to the electronics manufacturing services (EMS) provider in a bourse filing on Thursday.

Earnings per share rose to 1.38 sen from 0.69 sen previously. NationGate declared a second interim dividend of 0.25 sen per share, payable on Sept 30. However, this was lower than the half a sen per share it declared for the same period last year.

For the first half ended June 30, 2024 (1HFY2024), NationGate's net profit rose 79.4% to RM49.55 million from RM27.61 million in 1HFY2023, as revenue almost tripled to RM886.72 million from RM301.14 million.

The group remains optimistic and confident about the rest of FY2024, particularly about the EMS industry, which it expects to experience notable developments and transformation.

Among factors driving the optimism include the shift of more manufacturing operations out of China exacerbated by the intensifying US-China trade tension, technological advancements that are benefiting the EMS industry, as well as a surge in demand for data centre infrastructure in Malaysia.

NationGate shares slipped one sen or 0.56% to close at RM1.77 on Thursday, giving the group a market capitalisation of RM4.03 billion. The stock has climbed over 20% year-to-date.