Kobay reports higher net profit of RM15mil in 3Q

KUALA LUMPUR: Kobay Technology Bhd’s net profit more than doubled to RM15.1mil in the third quarter ended March 31 (3Q) from RM7.06mil a year ago.

Its revenue rose almost threefold to RM100.1mil in the third quarter against RM35.2mil a year prior.

The engineering solution provider, in a statement, said growth mainly came from the manufacturing segment which saw a doubling in revenue to RM66.9mil in 3Q from RM32.3mil last year.

Meanwhile, segmental profit before tax (PBT) jumped 136.8% year-on-year (y-oy) to RM19.5mil over the same period, driven by the surge in demand from semiconductors as well as electrical and electronics (E&E) industries.

In addition, the pharmaceutical and healthcare business that was introduced early this financial year, also contributed to the overall improvement.

The segment reported revenue and PBT of RM27mil and RM2.9mil respectively in 3Q.

In the first nine months to March 31, Kobay posted a net profit of RM39.35mil, up 115.6% from RM18.25mil last year while revenue surged 135.2% to RM259.03mil.

“We are delighted to have sustained the strong growth momentum in 3Q with yet another record-breaking quarter. Our net profit of RM39.3mil in 9MFY22 has far exceeded RM26.8mil reported in the financial year ended June 30, 2021 (FY21).

“In other words, with one more quarter to go, we are on track for a remarkable breakthrough in FY2022,” chief executive officer and managing director Datuk Seri Koay Hean Eng said.

“Moving forward, we continue to be upbeat about the positive trajectory of the group with catalysts stemming from organic growth as well as new ventures,” he added.

Koay said its new factory in relation to the production of aluminium frames for solar panels is on the verge of completion and production is expected to begin by the end of 4QFY22.

Additionally, Kobay is also venturing into electronics manufacturing services (EMS) with the installation of surface-mount technology lines to meet its customers’ needs.