- Positive quarterly trend in revenue and net profit despite an overall y-o-y decline - UMS' revenue resumed quarterly growth from 1Q24, with 4Q24 revenue down 9% y-o-y to S$67.2mil but up 4% sequentially.
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- 4Q24 net profit fell 29% y-o-y but rose 6.8% sequentially to S$11.1mil, boosted by higher exchange gains and gains on fixed asset disposals.
FY24 results in line.
- UMS's FY24 revenue declined 19% y-o-y to S$242.1mil, with the semiconductor segment down 21%. Within the semiconductor segment, integrated system sales fell 33% y-o-y to S$94.4mil, while component sales decreased 8% to S$110.2mil.
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- Depreciation expenses increased 10%, mainly due to fixed asset additions. Other expenses also rose 3% y-o-y as a result of higher professional fees for the group's secondary listing in Malaysia, as well as higher property and machinery maintenance costs.
- Overall, both UMS's FY24 revenue and net profit met our expectations.
- A final dividend of 2 cents per share was declared, resulting in a full-year UMS's dividends of 5.2 cents (compared to 5.6 cents in FY23), representing a 91% payout ratio.
Expecting significant ramp-up in production and NPIs for its new customer.
- Read more at SGinvestors.io.
