KUALA LUMPUR: V.S Industry Bhd’s net profit surged to RM246.07 million in the financial year ended July 31, 2024 (FY2024), from RM178.79 million in FY2023 amid better product sales mix in Malaysia and improved utilisation rate during the second half of the financial year (2H2024).
However, revenue decreased 6.7 per cent to RM4.25 billion from RM4.56 billion previously, primarily due to lower orders from a key customer.
"The Malaysia segment posted a 7.6 per cent increase in revenue for the current quarter, driven by higher sales orders from key customers following improved consumer sentiments.
"For cumulative quarters, the Malaysia segment recorded a 11.1 per cent decrease in revenue due to lower sales orders from key customers in 1H2024,” the integrated electronics manufacturing services provider said in a filing to Bursa Malaysia today.
In the fourth quarter of FY2024 (4Q2024), V.S Industry’s net profit doubled to RM126.66 million from RM60.95 million in 4Q2023, while revenue rose 5.6 per cent to RM1.21 billion against RM1.15 billion previously.
On prospects, the group said it has secured new orders with an expected aggregate value of RM1.5 billion over the next two years through its newly incorporated wholly-owned subsidiary in the Philippines, VS Industry Philippines Inc, in June 2024.
"With a budgeted capital expenditure of RM100.0 million, we adopted an asset-light strategy by renting factory in the country.
"We have deployed a dedicated team there to oversee the setup and ensure smooth operations, with production targeted to commence by 1H2025,” it added.
The group has also declared an interim dividend of six sen per share, payable on Oct 25, 2024. - Bernama
