KUALA LUMPUR (July 20): Betamek Bhd, which supplies vehicle audio and video products to Perodua, recorded a net profit of RM4.79 million in the first quarter ended June 30, 2023 (1QFY2024) on revenue of RM43.45 million.

The company said 77.4% of the revenue was derived from the vehicle audio and visual product segment, with the balance coming from the vehicle accessories segment.

There are no comparative figures for the preceding corresponding quarter and year-to-date as the company was only listed on the ACE Market in October 2022. As such no interim financial report was prepared for the comparative period, Betamek said in a filing with Bursa Malaysia.

On a quarter-on-quarter basis, Betamek’s net profit was down 16% from RM5.7 million in 4QFY2023, while revenue fell 22% from RM56 million, in the absence of the sales tax exemption incentive for passenger vehicles that concluded in March.

The company declared an interim dividend of one sen per share, to be paid on Aug 18. Since its listing, Betamek has declared RM6.8 million in dividends.

Betamek said Perodua sees strong sales volume of 705,000 units in 2023 and expects to capture a 44.5% market share despite industry expectations of lower volume on expiration of the sales tax scheme.

Betamek managing director Mirzan Mahathir said the automotive industry is also transforming, with growth in markets like electric vehicles opening more doors for the company.

“As Betamek continues to serve its main client in the Malaysian market, it has taken steps to explore innovative technology solutions in preparation of future demand.

“This includes a potential collaboration with its technology partner Shenzen Zhonghong Technology Co Ltd to look into this market, potentially develop intellectual property and market the final products,” he said in a statement.