Datasonic Group Bhd posted a net profit of RM16.47 million for the third quarter ended Dec 31, 2023 from RM16.73 million in 3QFY2023 as it supplied less smart cards.

Note: This article has been amended for accuracy.

KUALA LUMPUR (Feb 29): Datasonic Group Bhd, which produces MyKad and passports for the Malaysian government, reported a 1.52% year-on-year dip in its net profit for the third quarter ended Dec 31, 2023 (3QFY2024), as it supplied less smart cards.

The group, which is primarily in the security and identity documents business, recorded a net profit of RM16.47 million or 0.58 sen per share in 3QFY2024, down from RM16.73 million or 0.68 sen per share in 3QFY2023, as revenue slipped 1.94% to RM80.5 million from RM82.09 million, its bourse filing showed.

The group announced a third interim dividend of half a sen per share for its FY2024, to be paid on March 29.

For the nine months ended Dec 31, 2023 (9MFY2023), Datasonic's net profit was little changed at RM53.66 million compared with RM53.67 million in 9MFY2022 due, though revenue climbed 5.32% to RM252.57 million from RM239.8 million on higher demand from customers for the supply of smart cards, passports and personalisation services, as the group incurred higher operation costs.

Going forward, Datasonic anticipates the high demand for passports and MyKad to sustain, which bodes well for the group.

The deployment of i-Kad foreign worker card project has been "gaining good traction and we expect this positive trend to sustain going forward," the group said.

"At the same time, Datasonic has been continuing its effort in the business development front and is leveraging on our experience and expertise to strengthen and diversify our businesses. Datasonic’s outlook continues to be bright underpinned by our enlarged order book supported by our cautious approach and healthy balance sheet," the group added.

Separately, Datasonic said its chief executive officer and executive deputy chairman Datuk Abu Hanifah Noordin has retired, with immediate effect, to focus on charitable activities.

The 72-year-old who founded Datasonic and holds a 8.222% stake in the group, was its first managing director when the group was listed in 2012, until his retirement from the post in January 2020.

He then rejoined the group as executive deputy chairman and CEO in September 2022, with his board post redesignated as executive chairman in September 2022. He was later redesignated again to being the group's executive deputy chairman in July 2023.

Datasonic’s shares settled a sen or 2.2% lower at 44.5 sen on Thursday, translating into a market capitalisation of RM1.32 billion.