Pentamaster Corp Bhd’s net profit for nine months ended Sept 30, 2023 increased 14.7% to RM68.43 million from RM59.68 million a year ago.

KUALA LUMPUR: Pentamaster Corp Bhd’s net profit grew 17.1% to RM23.5 million or 3.3 sen per share in the third quarter ended Sept 30, 2023(3Q2023), from RM20.07 million or 2.82 sen per share a year ago, as it saw improvements across its business segments, mainly its factory automation solutions (FAS) segment.

Revenue climbed 16.2% to RM180.74 million from RM155.6 million.

During the quarter under review, revenue from the group’s FAS segment registered a commendable growth of approximately 63.2% to RM88.3 million in 3Q2023 versus RM54.1 million in 3Q2022.

The segment recorded a higher profit before taxation of RM25.6 million compared with RM15.3 million in 3Q2022, a commendable increase of 67.9%

For nine months ended Sept 30, 2023, the group’s net profit increased 14.7% to RM68.43 million from RM59.68 million a year ago.

Revenue gained 15.4% to RM522.93 million from RM452.96 million, derived mainly from the automated test equipment (ATE) and FAS segments, which contributed approximately 68.5% and 31.5% respectively during the period.

On the outlook, Pentamaster said the automotive industry segment is expected to contribute the highest proportion of the group’s revenue in 2023, benefitting from the robustness and structural shift in global automotive electrification and e-mobility.

Meanwhile, the revenue momentum from the medical devices industry is expected to remain in propelling the FAS segment to the next level of business growth for the year.

The group noted that the construction of its new manufacturing plant, which is internally funded, remains on track.

“With phase one of the manufacturing plant expecting to be completed by end of this year coupled with the current workforce of more than 900, the group will intensify and remain steadfast in executing its strategies, besides investing in research and development in capturing the next wave of business growth as the group expands its manufacturing capacity and human capital. As it is, the group’s growth strategies pillar remain centred on product and segmental diversification as well as geographical expansion,” it added.

Pentamaster’s shares gained four sen or 0.8% to close at RM4.89, translating into a market capitalisation of RM3.5 billion.