Grand Venture Technology (GVT) has posted 9MFY2024 adjusted net profit of $6.74 million, up 59% y-o-y.
Revenue for the period grew 35.8% y-o-y to $111.9 million, largely due to growth across all key business segments. Growth was more prominently recorded in the semiconductor segment, with a y-o-y increase of 50.8%.
Adjusted ebitda grew by 24.8% y-o-y to $21.6 million. Gross profit margin and adjusted ebitda margin stood at 26.4% and 19.3% respectively.
Although there are early signs of improvement in semiconductor demand, GVT remains cautiously optimistic for the next quarter with further strengthening expected in 2025.
The company is winning higher wallet share from its key aerospace customers and expects the healthy demand momentum to continue. This is on the back of resilient performance from the life sciences and medical segments
GVT is confident in achieving the higher end of previous target revenue guidance of between $80 million and $86 million for the 2HFY2024 ended December 31.
See also: Kimly reports higher FY2024 revenue but earnings down on higher depreciation and other costs
Shares in GVT closed 1 cent higher or 1.8% up on Nov 8 at 55.5 cents.
