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.
Above is an excerpt from a report by DBS Group Research. Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.
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