SAM Engineering’s Q3 financial performance up

“For the equipment segment, the higher revenue was mainly due to an increase in demand from the semiconductor and data storage customers,” the precision machining company told Bursa Malaysia.

PETALING JAYA: Sam Engineering & Equipment (M) Bhd made a higher net profit of RM25.2mil for its third quarter ended Dec 31, 2021 compared with a net profit of RM12.4mil backed by higher profit contribution from its aerospace and equipment segments.

Revenue was also higher at RM351.1mil against RM205.4mil for the same period, a year earlier.

“The higher revenue from the aerospace segment was due to increase in sales of casing and aerostructure products.

“For the equipment segment, the higher revenue was mainly due to an increase in demand from the semiconductor and data storage customers,” the precision machining company told Bursa Malaysia.

It said in notes accompanying the group’s results that the aviation industry was recovering gradually from the impact of the Covid-19 pandemic. “The International Air Transport Association or IATA reported improved air-passenger travel in December 2021 to about 55% of pre-Covid levels.

“Aircraft deliveries from Airbus and Boeing in 2021 have also increased 24% from 723 to 951 aircraft,” it said.

The company said it was expecting the aviation industry to continue picking up momentum as more countries opened up their borders.

“Semiconductor equipment and materials International or SEMI estimated that the global semiconductor equipment sales in 2021 will hit new high of US$103bil (RM431.09bil) and forecast that global semiconductor equipment sales in 2022 and 2023 will be in excess of US$110bil (RM460.40bil). We are expecting good performance from the equipment segment arising from this.”

The firm also said that it has proposed to undertake a bonus issue on the basis of three bonus shares for every one existing share.