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Thursday, May 24, 2018

Sam Engineering 4Q net profit up 14% to RM20.9m

Justin Lim / theedgemarkets.com
May 24, 2018 20:03 pm +08

KUALA LUMPUR (May 24): Sam Engineering & Equipment (M) Bhd's net profit for the fourth quarter ended March 31, 2018 rose 13.57% to RM20.93 million, from RM18.42 million a year earlier.

Revenue increased 12.5% to RM175.71 million from RM156.18 million, the group said in a filing with Bursa Malaysia.

The group attributed the better figures to the higher revenue and profit from its aerospace segment, which was driven by an increase in deliveries of casing products for the new aircraft platforms — Airbus A320neo and Boeing 737max — and new aerospace machine parts and beams.

For the full year, the group reported a 44.81% jump in net profit to RM63.14 million from RM43.61 million in the previous year, while revenue grew 11.31% to RM598.16 million from RM537.4 million.

Moving forward, Sam Engineering said it expects revenue from the aerospace industry, which accounts for about 59% of the group's revenue, to remain stable.

Revenue from the equipment business, meanwhile, is expected to be maintained for the next quarter on the back of improving semiconductor industry except for the hard disk drive storage segment, it said.

Sam Engineering's share price closed unchanged at RM7.03 today, giving it a market capitalisation of RM967.8 million.

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