NANOFILM Technologies posted a 10 per cent rise in revenue to S$60 million for its third quarter ended Sep 30, 2024, from S$55 million in the same period a year earlier.
This was mainly due to strong performance in the consumer business segments of its advanced materials and nanofabrication business units, the nanotechnology solutions provider said on Monday (Oct 28).
Comparable gross profit for the third quarter rose 66 per cent on quarter and 4 per cent on year, reversing the losses from the first half of 2024, Nanofilm said. No exact gross profit figure was given in the filing.
Growth in the advanced materials business unit was driven by the computer, communications and consumer electronics segment.
Its nanofabrication business unit grew primarily due to a higher allocation for its micro-lens array project, which has been adopted in smart wearables, resulting in increased demand and production.
Its Sydrogen Energy segment also recorded a 688 per cent on-year growth from a lower base, largely due to increased coating production for hydrogen fuel cell bi-polar plates used in the automotive sector.
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The company noted that its strategic footprint, aligned with the China Plus One strategy, had positioned it favourably for business growth both in China and globally.
In Vietnam, Plant 2 has commenced small-scale production of coating services. Meanwhile, its operations in India are undergoing qualification with small-batch production slated to begin at the end of the Q4 this year or Q1 next year.
Nanofilm expects higher revenue and profit for the full year ended 2024 compared to 2023, with growth momentum expected to be carried into the fourth quarter, barring any unforeseen events.
The company said its revenue growth drivers include its expanded customer base, penetration into the European market and its Sydrogen segment, which is driven by momentum in China’s fuel cell market following hydrogen adoption incentives.
Shares of Nanofilm fell 0.6 per cent or S$0.005 to S$0.825 on Monday, before the release of the results.
