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BUSINESS

Vitrox records 63 pct surge in Q1 net profit to RM50.02 mln

27/04/2022 07:21 PM

KUALA LUMPUR, April 27 (Bernama) -- Vitrox Corporation Bhd’s net profit surged 63 per cent to RM50.02 million in the first quarter (Q1) ended March 31, 2022 (Q1 2022) from RM30.70 million a year earlier amid strong revenue growth and the strengthening of the US dollar.

The company, which makes automated vision inspection equipment for the semiconductor and electronic packaging industries, recorded revenue of RM185.28 million -- its highest Q1 revenue to date -- which was a 43 per cent jump over the RM129.88 million achieved in the same quarter last year.

In a Bursa Malaysia filing today, the Penang-based company attributed the significant rise in revenue to strong sales demand for both its automated board inspection and machine vision system equipment.

Despite the headwinds anticipated from the global supply chain disruption as a result of global material shortage coupled with the lockdowns in China due to new COVID-19 outbreak, Vitrox said it was optimistic about its 2022 prospects.

“The sales growth momentum for the automated vision inspection equipment will remain robust as the demand from wireless communication, automotive and Internet of things is expected to persist.

“In order to stay vigilant and resilient, the group is taking appropriate counter measures to overcome barriers faced in material shortages and logistics constraints,” it added.

The group has proposed a final dividend of 3.33 sen per share for the financial year ended Dec 31, 2021, subject to shareholders’ approval.

-- BERNAMA


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