Mi Technovation 2Q net profit jumps 22% to RM22.7mil

KUALA LUMPUR: MI Technovation Bhd remains committed to its long-term business strategy to strengthen its position as a comprehensive solution provider to unlock growth in the market share.

“In the semiconductor equipment business unit (SEBU), we still see our customers remain cautious about the capex expenditure spending. However, with the introduction of the new artificial intelligence (AI) enabled equipment platform for mobility and wearables segment, we expect further contribution to the top line in 2023,” Mi said in a filing with Bursa Malaysia.

The technology company said the advanced multiple bin sorting and laser bonding technology for the high-performance computing (HPC) segment would form another significant revenue stream in the year.

Mi said its continuous pursuit to provide a multi-faceted solution for the power and automotive segment in the industry will push for its greater contribution to the group’s overall revenue.

“In semiconductor material business unit (SMBU), we see the momentum to slowly building up when most of our key customers will be launching their new products in the second half of 2023,” it said.

Barring any unforeseen circumstances, Mi remained cautiously optimistic about the group’s prospects for the financial year ending Dec 31, 2023.

“If the short-term global economic headwinds improve, the robust growth momentum of the semiconductor industry will return.”

In the second quarter ended June 30, Mi posted a higher net profit of RM22.7mil, or earnings per share of 2.54 sen compared with RM18.7mil, or 2.08 sen in the same quarter last year.

Revenue, however, was 10.2% lower at RM84.05mil against RM93.6mil.

Mi has declared a first single-tier interim dividend of 2.0 sen per share, with the book closure and payment dates on Aug 25 and Sept 11 respectively.

In the first half, it posted a net profit of RM29.13mil on revenue of RM160.9mil.

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