Aztech Global 8AZ has reported net profit of $100 million for the FY2023 ended Dec 31, 2023, a 48.8% increase over its net profit of $67.2 million in FY2022.
Earnings per share also grew 49.0% y-o-y to 12.96 cents in FY2023.
For the full-year period, revenue stood at $896.3 million, up 9.3% y-o-y, while ebitda increased 48.0% y-o-y to $133.6 million.
Aztech’s balance sheet remains healthy with a net cash balance of $249.8 million as at Dec 31, 2023. Its net cash includes $40.6 million of short-term investments after netting off bank borrowing and lease liabilities of $21.5 million.
The group generated a free cash flow of $79.2 million for FY2023.
With the component shortage situation improving, the group’s order lead-time has normalised from nine to 12 months during the Covid-19 pandemic to about two to three months post-pandemic. As at Feb 22, the group has secured an order book of $333.9 million.
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Meanwhile, the group has enlarged its manufacturing footprint in Malaysia to support its growth with the commencement of full-scale production in 3QFY2023 at the 300,000 sqft manufacturing facility in Pasir Gudang, Malaysia. This will also assist with business continuity needs as well as the production diversification requirements of its customers.
Taking into consideration the record performance and cash flow requirements, the board has recommended a final cash dividend of 5 cents a share, to be paid on April 30. Including the interim dividend paid in August 2023, the total dividend payout for FY2023 will amount to 8 cents per share.
“The Group has achieved a record net profit of $100 million and we are delighted to share the rewards with shareholders by increasing the total dividend for FY2023 to 8 cents per share. Our expansion in Malaysia has provided us the foundation to seize new opportunities in the years ahead,” says Aztech chairman and CEO Michael Mun.
Shares in Aztech closed unchanged at 87 cents on Feb 22.
