KUALA LUMPUR (Nov 28): Nationgate Holdings Bhd’s (KL:NATGATE) net profit for the third quarter more than doubled from the previous year on a record high quarterly topline, boosted by unrealised foreign exchange (forex) gains.

Net profit for the quarter ended Sept 30, 2024 (3QFY2024) jumped to RM46.59 million from RM17.28 million in the same quarter last year, according to the electronics manufacturing services (EMS) provider’s bourse filing on Wednesday.

Revenue jumped to RM1.35 billion, eight times the RM165.58 million it made last year on higher demand under the data computing segment.

The company booked a net forex gain of RM76.22 million, based on its unrealised forex gain of RM138.2 million and a realised forex loss of RM61.98 million. Without this gain, the company would have posted a net loss of RM29.63 million. The group recorded a net forex gain of RM1.45 million in 3QFY2023.

The company declared a third interim dividend of 0.25 sen per share, payable on Dec 27.

For the nine months ended Sept 30 (9MFY2024), net profit jumped to RM96.13 million, more than two times the RM44.89 million reported for 9MFY2023, as revenue swelled to RM2.24 billion from RM466.72 million.

Nationgate remains optimistic looking forward, taking into consideration further manufacturing migration from China as the country’s trade tensions with the US intensify, increased inquiries from data centre providers in line with data centre demand in Malaysia, and continued benefit from technological advancements such as AI technologies, electric vehicles and supercomputers.

Shares in Nationgate ended one sen or 0.43% higher at RM2.35 on Wednesday, giving the company a market capitalisation of RM5.35 billion.