KUALA LUMPUR (Feb 21): Mi Technovation Bhd's (KL:MI) fourth quarter net profit jumped 76.81% to RM20.9 million from RM11.82 million a year earlier, driven by higher revenue and foreign exchange (forex) gains from the strengthening the US dollar against the ringgit.

Earnings per share for the quarter ended Dec 31, 2024 (4QFY2024) rose to 2.34 sen from 1.32 sen, according to the semiconductor company’s filing with Bursa Malaysia.

Quarterly revenue grew 15.33% to RM111.43 million from RM96.62 million in 4QFY2023, fuelled by strong performances from the company's Semiconductor Equipment Business Unit (SEBU) and Semiconductor Material Business Unit (SMBU).

SEBU's revenue increased 20.2% year-on-year, while SMBU posted an 11.4% rise, supported by higher machine deliveries in Taiwan and China, as well as sustained demand in China and South Korea.

Mi Technovation did not declare any dividend for the quarter.

For the full financial year, the company’s net profit rose 23.52% to RM68.07 million from RM55.1 million in FY2023, while revenue climbed 30.2% to RM463.46 million from RM355.96 million.

Looking ahead, Mi Technovation expects FY2025 to remain challenging and volatile amid the complex global environment, but said the company will seek to strengthen its internal operations by optimising its organisational structure, improving efficiency and reducing costs.

In the SEBU segment, the company said it will continue focusing on three key markets: mobility and wearables led by its Mi Series products, high-performance computing and memory, driven by its Ai Series products (LAB, ZLAB, and LCB) and automotive and renewable energy, where it is expanding its Si Series Known Good Die (KGD) test platform.

The SMBU segment, meanwhile, expects flat growth in the mobility and wearables segment, driven by artificial intelligence-related offerings from key customers, while demand for high bandwidth memory in the high-performance computing  and memory segment is expected to rise.

Elsewhere, the power and automotive segment is projected to see stable growth in the latter half of the year.

Additionally, Mi Technovation’s SSBU segment is making significant strides in establishing its first in-house Power Module Pilot production line, which is slated to be ready for prototype builds by mid-2025, said the company.

“Business unit management is working towards achieving the product development roadmap in FY2025,” the company added.

Shares of Mi Technovation closed up three sen or 1.46% at RM2.08 on Friday, giving it a market capitalisation of RM1.83 billion.