Financial Release

24th February 2022 - ViTrox's annual profit jumps to record as 4Q earnings climb 44%

KUALA LUMPUR (Feb 24): ViTrox Corp Bhd's net profit for the quarter ended Dec 31, 2021 (4QFY21) jumped 44.48% to RM46.12 million from RM31.92 million in 4QFY20, as the automated vision inspection developer continued to enjoy higher sales, coupled with the strengthening of the US dollar in the period.

ViTrox reported a 16.24% increase in quarterly revenue to RM185.75 million from RM159.79 million, thanks to favourable sales demand from the Automated Board Inspection and the Machine Vision System segments, it said.

Compared with the immediate preceding quarter of 3QFY21, ViTrox's net profit improved 9.26% from RM42.21 million, as revenue rose 10.04% from RM162.29 million.

With the latest quarterly earnings, the group's annual net profit for FY21 jumped 60.63% to a record high of RM169.66 million, from FY20's RM105.62 million, on robust sales and a stronger greenback, amid cost measures implemented by the group. FY21 revenue rose 30.84% to RM680.12 million from RM470.38 million.

ViTrox's full-year earnings per share of 17.96 sen were a slight 3.8% below consensus analysts' forecast of 18.67 sen per share, Bloomberg data showed.

For FY22, ViTrox expects the global shortage of semiconductor components to continue, but will further address headwinds, including material shortages and long lead times.

"In order to cater for sustainable business growth for the year 2022 and beyond, the group has commenced its expansion projects in Batu Kawan," it said.

The group completed its one-for-one bonus issue of shares in January 2022. The counter rose eight sen or 1.04% to settle at RM7.75, giving it a market capitalisation of RM7.32 billion.

sourced from: TheEdge