INARI (0166) INARI AMERTRON BHD's 2Q net profit up 19% on higher revenue growth, declares 2.8 sen dividend

INARI (0166) INARI AMERTRON BHD's 2Q net profit up 19% on higher revenue growth, declares 2.8 sen dividend

KUALA LUMPUR (Feb 18): Inari Amertron Bhd's net profit jumped 19% to RM107.3 million for the second quarter ended Dec 31, 2021 (2QFY22), from RM90.1 million a year ago, mainly from higher revenue growth.

Earnings per share rose to 2.91 sen from 2.74 sen in 2QFY21, according to the semiconductor outfit's filing on Friday (Feb 18).

Revenue surged 11.52% to RM420.26 million against RM376.83 million a year earlier.

Inari Amertron declared a second interim dividend of 2.8 sen per share, payable on April 8; the ex-date is March 17.

Compared with the immediate preceding quarter (1QFY22), its net profit marginally improved 0.35% from RM106.93 million, while revenue retreated 2.52% from RM431.12 million.

For the cumulative six months ended Dec 31, 2021, Inari's net profit rose 33.75% to RM214.23 million from RM160.17 million in the previous corresponding period, while revenue improved 17.52% to RM851.38 million from RM724.45 million.

Going forward, Inari Amertron said that barring any "dangerous resurgence" of the Covid-19 pandemic, the group remains positive about its near-term prospects and believes that its momentum for 2022 will continue to be resilient.

The group said this is in line with industry forecasts of good demand for its products from the continuing global transition towards 5G, the digitalisation of businesses and ongoing tight supply in the semiconductor market.

"In World Semiconductor Trade Statistics' November 2021 market forecasts, the worldwide semiconductor market is expected to increase 25.6% in 2021 and 8.8% in 2022, which corresponds to a market size of US$601 billion for 2022.

"The growth is driven by a double-digit growth of the sensors and logic product categories, and all other major product categories including analog, memory and optoelectronics are also expected to show positive growth rates," the group said.

Inari Amertron's share price closed 10 sen or 3.03% lower at RM3.20, giving the group a market capitalisation of RM11.85 billion.

http://www.theedgemarkets.com/article/inari-amertrons-2q-net-profit-19-higher-revenue-growth-declares-28-sen-dividend