Artroniq Announces Q2 FY2024 Financial Results With Targeted Focus on Core Business Segments

Continued Commitment on Growth for ICT and Semiconductor Business Segments Amidst Market Dynamics

KUALA LUMPUR, 26 FEBRUARY 2024 - Artroniq Berhad ("Artroniq" or the “Company”), a key contender on the ACE Market, shared the Company’s financial results for the second quarter of the fiscal year 2024 (“Q2 FY2024”). Despite the challenging market conditions, the Company has demonstrated resilience and strategic focus, ensuring the continuity of core business operations.

In Q2 FY2024, Artroniq reported a revenue of RM15.4 million, a slight decrease from the RM16.0 million recorded in the previous quarter (“Q1 FY2024”). The ICT products and related services segment contributed RM12.9 million, influenced by the project completion stages during this quarter. The slower project progression in Q2, compared to Q1 2024, was identified as the main factor in the revenue adjustment.

The period also saw a Loss Before Tax (“LBT”) of RM0.2 million, largely unchanged with Q1 FY2024’s LBT of RM0.1 million. This minimal change is attributed to fluctuations in foreign currency exchange rates, impacting the financial outcomes of the ICT products and related services segment.

For information, Artroniq has changed the financial year-end from 31 December to 30 June. There were no comparative financial figures with the preceding year’s corresponding quarter.

The Management Team of Artroniq Berhad, commented, "We remain positive despite the modest adjustment in our financial performance this quarter, viewing it as a step in our ongoing journey towards profitability. Our strategic emphasis on the ICT products and services, coupled with our burgeoning presence in the semiconductor sector, places us on a solid path aligned with our vision for sustainable growth. We are confident in our ability to adapt and thrive amidst market dynamics, bolstered by our unwavering commitment to innovation and strategic foresight."

In conclusion, Artroniq Berhad reaffirms the commitment to delivering sustainable growth and value to stakeholders. The Company's strategic focus on core competencies and prudent management of assets underscores confidence in overcoming current market challenges and achieving long-term success.