KUALA LUMPUR (Aug 24): Net profit of SAM Engineering & Equipment (M) Bhd increased by 96.43% to RM23.53 million for its first quarter ended June 30, 2022 (1QFY22) from 11.98 million RM a year ago, thanks to a higher contribution from its aerospace and equipment divisions.
In a public filing on Wednesday, the company’s revenue jumped 74.56% to RM353.97 million on 1QFY22 from RM202.78 million. Earnings per share fell from 2.21 sen to 4.35 sen.
“The increase in group profit before tax of RM13.8 million is attributable to the higher contribution from the Aerospace and Equipment segments of RM4.2 million and RM9.6 million respectively. , due to higher sales and favorable currency translation,” It said.
SAM Engineering added that the increase in aerospace revenue was primarily due to increased sales of casing and aerostructure products.
Meanwhile, its equipment segment’s improved revenue was attributed to better demand from its customers for semiconductors and data storage and a favorable foreign exchange rate.
The company said it continues to see growing demand for its A320neo, B737Max and A220 aeronautical products, supported by the recovery of global air travel.
He added that he is investing in production capacities in Malaysia and Thailand to meet the growing needs of his customers in the semiconductor industry.
SAM Engineering’s share price closed down 10 sen or 2.31% at RM4.23 on Wednesday for a market capitalization of RM2.29 billion.