Betamek records two-fold increase in 3Q net profit to RM5.05mil

KUALA LUMPUR: Betamek Bhd is confident that demand for its vehicle AV products and vehicle accessories will grow in tandem with the growing demand for its major customer’s vehicles.

Betamek executive director Fauzi Ghani said in taking into account the lower TIV numbers forecast by MAA, it remains cautious over prevailing uncertainties, especially macro-economic factors such as the relative performance of ringgit against the US dollar and the domestic and global economic environment.

“The group will continue to monitor the situation and take appropriate measures to safeguard its business and profitability.

“In view of the above, Betamek is cautiously optimistic of its potential performance for the current and the succeeding financial year,” he added.

In the third quarter of its 2024 financial year (3QFY24), the electronics manufacturing services (EMS) provider’s net profit surged two-fold to RM5.05mil, bringing its basic earnings per share to 1.12 sen.

It reported revenue of RM59.22mil, as compared to RM54.73mil in 3QFY23.

During the quarter under review, Betamek’s vehicle AV products segment increased 4.9% to RM45.9mil from RM43.7mil a year earlier due to an increase in the volume of production by Perodua across all its car models.

It also reported a 21.3% increase in the vehicle accessories segment to RM13.4mil from RM11mil previously.

Fauzi said the significantly improved profit was also owing to better control of the administrative and operating expenses.

The board of directors declared a second interim single-tier dividend of two sen per share, with entitlement date of Feb 9, 2024, to be paid on Feb 23, 2024.

For the nine months period to Dec 31, 2023, Betamek’s net profit was RM15.51mil as compared to RM10.56mil in the year-ago period, while revenue rose to RM166.01mil from RM149.76mil in the comparative period.