KUALA LUMPUR (Aug 2): Datasonic Group Bhd anticipates the financial year ending March 31, 2024 (FY2024) to be challenging, amid the elevated market ambiguities arising from ongoing macroeconomic issues.

In a statement on Wednesday (Aug 2) following the security-related integrated information and communications technology solutions provider's annual general meeting, executive deputy chairman Datuk Abu Hanifah Noordin nevertheless said the company is resolute in pursuing its strategic plans with prudent management.

“The group has identified promising areas of growth that we can capitalise on to further expand our business,” he said.

Abu Hanifah said FY2023 was certainly a remarkable year for Datasonic, as it capitalised on the business rebound following the Covid-19 pandemic.

“This led to the delivery of our best-ever top-line performance at RM344.7 million, and our second-highest-ever bottom-line results at RM76.4 million.

“Beyond the financial accomplishments, what truly mattered to us was Datasonic's ability to meet the pent-up demand, and ensure seamless and timely delivery of passports and MyKads.

“This achievement not only solidified our established track record, but also reinforced our unwavering commitment and contribution to national security,” he said.

Abu Hanifah said demand for passports is expected to remain on an upward trend, which bodes well for Datasonic.

He said Datasonic will be gradually ramping up the production of its manufacturing of polycarbonate data pages, and growing the number of Malaysian passports that are 100% made in Malaysia.

“Separately, the group is pleased that we are commencing the deployment of the foreign worker card (i-Kad) by this month, and our immediate aim is to meet all the backlog and new iKad issuance in a timely manner,” he said.

“On balance, prospects for Datasonic continue to be bright premised on our strategic plans and healthy order book of RM339 million (as of end-March 2023), and we look forward to a new chapter of growth for the group,” he concluded.

Datasonic wrapped up FY2023 on a strong footing, with net profit surging more than sevenfold to RM76.37 million, from RM10.24 million a year earlier.

Annual revenue was the highest in history at RM344.71 million, up from RM136.43 million previously, driven by higher supply of passports, smart cards and personalisation services.

For the fourth quarter ended March 31, 2023 (4QFY2023), Datasonic saw its net profit jump 69.8% to RM22.7 million, from RM13.37 million for 4QFY2022, on the back of RM104.9 million in revenue, versus RM54.34 million previously.

The group declared a fourth interim dividend of 0.75 sen per share, bringing total dividends per share for FY2023 to two sen, translating into a dividend payout ratio of 74.2%.

At the time of writing on Wednesday, Datasonic had gained 1.08% or half a sen to 47 sen, with 5.45 million shares done.

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