KUALA LUMPUR (July 20): Mi Technovation Bhd (KL:MITEC) achieved its highest ever second-quarter net profit of RM55.21 million in the three months ended June 30, 2026 (2QFY2026), as revenue surged 46.65% to a record high on stronger demand for its semiconductor products, amid improved average selling prices and a favourable product mix.
The Penang-based group that is primarily involved in the design and manufacturing of semiconductor equipment and materials also attributed the strong quarterly results to better operational efficiency and favourable foreign exchange rates, its bourse filing on Monday showed.
The latest quarterly earnings were more than three times the RM15.78 million it made in 2QFY2025, as revenue jumped to RM226.02 million from RM154.12 million. Net profit margin expanded to 24.4% from 10.2%.
For the first half of FY2026 (1HFY2026), Mi Technovation's net profit more than doubled to RM86.19 million from RM33.59 million a year earlier, as revenue grew 43.89% to RM393.78 million from RM273.67 million. No dividend was declared with the latest results.
Looking ahead, the group expects the momentum in both its semiconductor equipment and semiconductor material business units to carry into the second half of the year.
Growth in the semiconductor equipment business will be driven by sustained demand in mobility and wearables, and high-performance computing (HPC) and memory segments. These same segments -- together with automotive and renewable energy sectors -- are expected to fuel its semiconductor material business.
The group also shared an update on its semiconductor technologies business, which is progressing with its chip design through the MiSE Taiwan Research Institute.
“The Vanda 1, 6-inch SiC MOSFET prototype wafer, completed its fabrication in June and had commenced with a series of reliability tests as planned in the second half of FY2026.
“Commercial production for Vanda 1 is targeted for 1Q 2027, after all reliability tests and certifications are completed, while Vanda 2’s development is progressing as planned,” it noted.
As for its vehicle technologies business, the group said the unit is on track with the development and sale of electric powertrain systems and related core components.
Mi Technovation's share price closed up 18 sen or 3.84% to RM4.87 on Monday, giving the group a market capitalisation of RM4.38 billion.