KUALA LUMPUR (May 21): Mi Technovation Bhd (KL:MI) posted a 74% rise in net profit for the first quarter from a year earlier thanks to cost control and sale of higher-margin products.

Net profit for the three months ended March 31, 2026 (1QFY2026) was RM30.98 million compared to RM17.8 million in the same quarter last year. Revenue was RM119.5 million, a 40% year-on-year gain, driven by higher average selling prices for artificial intelligence-related segment.

Mi Technovation said it is “confident” of strong results at its semiconductor material business this year after a surge in the first quarter as demand is expected to strengthen further.

The business unit, which manufactures solder balls, saw a 78% jump in revenue during the first quarter and may improve further in the coming quarter, mainly supported by the high-performance computing and memory segment as well as seasonal demand for mobility and wearables.

The equipment business saw a 15% rise in revenue in the first quarter and the current outlook remains “positive” thanks to sustained demand particularly for its die sorting and binning platform, Mi Technovation said.

Growth, however, could be “moderate” this year amid macroeconomic and geopolitical headwinds, the company noted.

Revenue from its nascent vehicle technologies business unit, meanwhile, materialised as planned in the first quarter with development of electric powertrain systems and related components. The company said it is now aiming for “progressive increase in the subsequent quarters”.

An interim dividend of one sen per share was also declared and payable on July 6. 

Shares of Mi Technovation were up by 12 sen or 3.2% to RM3.82 on Thursday’s closing, valuing the group at RM3.44 billion ahead of the results announcement.