AZTECH Global posted an 8.7 per cent increase in net profit to S$46.7 million for its first half ended Jun 30, 2024, from S$42.9 million in the year-ago period.
Revenue for H1 fell 4 per cent to S$373.2 million from S$388.6 million the year before, the Internet of Things (IoT) devices and data communications product manufacturer reported on Tuesday (Jul 30).
Earnings per share stood at 6.04 Singapore cents, up from 5.56 cents the previous year.
The group remains cautious about economic prospects and inflationary cost pressures for the rest of the year due to trade and geopolitical tensions as well as increased competition.
“In view of the volatility, the group will focus on growing its competencies,” Aztech Global said.
To enhance its research and development capabilities, the group has expanded its headcount for this purpose. It is also deepening and integrating its IoT and artificial intelligence capabilities across security, consumer, communication, health-tech and automotive segments to capture new market opportunities.
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It added that it has set up plastic injection machines at its Pasir Gudang facility in Johor, and these are expected to be completed in Q3.
“With the Pasir Gudang facility also equipped with plastics production capabilities, the group is well poised to seize opportunities to acquire new customers to diversify its customer base,” Aztech Global said.
“While three new products from the health-tech and consumer segments have entered commercial production, there are five new products in the communication, consumer and health-tech segments scheduled for commercial production by (the) end of 2024. The group will continue to engage its customers to drive new product activities.”
For the half year, an interim dividend of five Singapore cents per share was declared.
Barring unforeseen circumstances, the group expects to remain profitable for FY2024.
Shares of Aztech Global closed S$0.01 or 1 per cent higher at S$1.02 on Tuesday, before the announcement.
