Sam Engineering and Equipment’s 1Q net profit soars 96% to RM24m

The tremendous growth is supported by higher sales and favourable forex translation

by ANIS HAZIM / pic source sam-malaysia.com

SAM Engineering and Equipment (M) Bhd’s (SAMEE) net profit for the first quarter ended June 30, 2022 (1Q22) jumped 96.49% to RM23.52 million from RM11.97 million a year ago, on the back of higher sales and favourable foreign exchange (forex) translation.

Its revenue for the quarter rose by 74.56% to RM353.96 million from RM202.77 million last year driven by higher revenue from its aerospace and equipment segments.

In a filing to Bursa Malaysia yesterday, the group’s earnings per share was 4.35 sen versus 2.21 sen.

The group did not declare any dividend for 1Q22.

On a quarterly basis, the group’s net profit rose 8% from RM21.76 million in 4Q21, while revenue fell 1.38% from RM358.92 million in 4Q21.

On its prospects, the group said it will continue to see an increasing demand for its A320neo, B737Max and A220 aircraft products following the global air travel recovery.

Additionally, the group is investing in its production capacities in Malaysia and Thailand to meet its customers’ increasing needs on semiconductor.

SAMEE’s share price closed 2.31% or one sen lower at RM4.32 yesterday, giving it a market capitalisation of RM2.29 billion.