SKP hits highest ever annual sales for FY21

by S BIRRUNTHA / graphic by MZUKRI MOHAMAD

SKP Resources Bhd recorded its highest ever annual revenue at RM2.3 billion in the financial year ended March 31, 2021 (FY21), underpinned by strong demand from existing key customers and improved cost control.

The electronics manufacturing services (EMS) provider’s FY21 net profit grew 69.5% year-on-year (YoY) to RM128.32 million, according to a bourse filing yesterday.

For its fourth quarter ended March 31, 2021, the company’s net profit surged 336% YoY to RM30.69 million, while revenue rose 4.4% YoY to RM444.92 million. Earnings per share for the quarter stood at 2.46 sen compared to 0.36 sen previously.

“Notwithstanding the current market conditions, the group continues to receive enquiries from both existing and potential new customers for new projects,” the company said in a statement yesterday.

Moving forward, SKP is optimistic of its prospects and expects to achieve profit growth for FY22.

With the outbreak of Covid-19 pandemic, which still remains as a threat to the overall economic climate, the company remains focused on implementing preventive measures and strict compliance with standard operating procedures in its operations to safeguard the health and safety of employees.

The group said it has taken relevant actions to minimise the impact of the Covid-19 pandemic to its operations and will continue to pay close attention to developments and evaluate their impact on the financial position, operating results and cashflows.

It also noted its printed circuit board assembly (PCBA) division has started to contribute to the group’s financials and it is currently working on several new products to cater for its own in-house consumption.

“The group is strategically well-positioned in the EMS industry and continues to pursue opportunities to grow its market share from existing customers.

“We will continue to expand our PCBA, injection moulding and engineering capabilities to take advantage of a widened product portfolio,” it said.

SKP’s shares ended 2.5% higher to RM1.64, valuing the company at RM2.56 billion.