(Photo by Uchi Technologies Bhd)

KUALA LUMPUR (May 23): Uchi Technologies Bhd’s net profit rose 41.2% to RM37.80 million in the first quarter ended March 31, 2023 (1QFY2023) from RM26.77 million in the same quarter a year earlier (1QFY2022) due to higher demand for its products and services, coupled with gains of RM11.3 million from its disposal of assets.

The company’s earnings per share increased to 8.29 sen from 5.91 sen, according to its filing on Tuesday (May 23).

Quarterly revenue also improved 19.8% to RM57.43 million in 1QFY2023 from RM47.94 million.

The group, which is chiefly involved in original design manufacturing and specialises in the design of electronic control systems, saw its manufacturing segment improve for 1QFY2023.

The segment contributed RM57.43 million from RM47.94 million a year earlier, while its segmental net profit was RM39.43 million versus RM28.02 million.

Uchi Tech said that the group is cautiously optimistic that its revenue in US dollar terms for FY2023 is expected to be maintained in comparison with FY2022's performance.

“The group anticipates no significant changes in geographical distribution and product groups' revenue contributions ratio, although performance may be affected by factors such as fluctuations in US dollars, material shortages, and changes in material and labour costs.”

“Nonetheless, the group is confident in remaining profitable with a strong balance sheet,” it said.

Its counter closed three sen or 0.91% higher at RM3.32 on Tuesday, valuing the group at RM1.52 billion.