SAM Engineering posts RM109m net profit for FY24

SAM Engineering & Equipment Bhd posted a net profit of RM108.6 million for the financial year ended March 31, 2024 (FY24), up 22% from the year before.

It attributed the performance to higher revenue from the aerospace segment due to the increase in demand from customers and favourable foreign exchange translation.

In FY24, the company returned revenue of RM1.497 billion, marginally up from the RM1.445 billion in the year before.

For the fourth quarter March 31, 2024 (4Q24), SAM Engineering’s net profit jumped 36% to RM26.1 million compared to the same period a year earlier, on a revenue of RM373.6 million.

For FY24, the company has proposed an interim single tier dividend of 3.30 sen per ordinary share declared to be paid on Aug 8.

SAME Engineering is a subsidiary of Singapore Aerospace Manufacturing and a key player in the aerospace and equipment industries.

Its shares closed today at RM5.98, valuing the company at RM4.05 billion. Its 52-week high/low were RM6.43/RM3.40. The counter has surged 51% year-to-date. – TMR