KUALA LUMPUR (Feb 27): NationGate Holdings Bhd (KL:NATGATE) reported record-high net profit and revenue for the fourth quarter ended Dec 31, 2024 (4QFY2024), boosted by its data computing segment associated with the assembly of artificial intelligence (AI) servers for Nvidia.

Quarterly net profit jumped four times to RM64.06 million from RM15.92 million in 4QFY2023, as revenue surged nearly 18 times to RM3.03 billion from RM171.58 million a year ago.

In a bourse filing, NationGate said its gross profit margin in 4QFY2024 declined to 4.2%, from 17.7% a year ago, due to significant key component costs in the data computing segment.

The company announced a special dividend of one sen per share and a final dividend of 0.25 sen for the quarter under review, bringing its total dividends to two sen for FY2024, versus one sen for FY2023.

For the full FY2024, the group’s net profit jumped 2.6 times to RM160.19 million from RM60.81 million, as revenue jumped more than eight times to RM5.27 billion from RM638.3 million.

As for its prospects, NationGate remains optimistic about the opportunities ahead driven by significant developments in 2024 and beyond.

These include the shift of manufacturing operations out of China, advancements in AI, the Internet of Things, electric vehicles, data centres, as well as digital transformation benefits, and increased demand for data centre infrastructure in Malaysia.

NationGate shares experienced significant volatility in January, in response to news of US AI chip export curbs and the emergence of Chinese AI player DeepSeek. Since reaching an all-time high of RM3.03 on Jan 7, the stock was down by 34% to close at RM1.99 on Thursday, with a market capitalisation of RM4.53 billion.