InnoTek has reported a net profit of $4.4 million in its FY2023 ended December, up 93.3% from the $2.3 million in FY2022.
This is on the back of higher revenue, up 10.1% y-o-y to $205.6 million in FY2023. This is lifted by higher sales from the automotive and tv/display segments as well as new projects in emerging industries. Cost of sales for the year grew 8.2% to $172.6 million.
Gross profit increased 12.2% y-o-y to $33 million, outpacing revenue growth as the company achieves lower scrap and rework rate amid improved operational efficiency while costs related to raw materials declined. Gross profit margin for FY2023 rose to 16% from 14.6% in FY2022.
The company has proposed a first and final dividend of 2 cents per share to mark its eight consecutive year of profitability.
InnoTek maintains an optimistic outlook as it moves up the value chain and executes projects secured in its new-field business. Having established strategic partnerships with customers in emerging industries, the company expects higher production for these businesses to contribute to FY2024 performance.
“We remain focused on accelerating our diversification while enhancing our core values of quality, cost delivery, and service. Our robust balance sheet will fund our growth strategies while enabling us to remain nimble amid uncertainties in the operating environment,” says InnoTek CEO Lou Yiliang.
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Shares in Innotek M14 closed 0.5 cent higher or 1.15% up on Feb 28 at 44 cents.
