QES 0196 QES GROUP BERHAD's Q1 eases 3.2pct, revenue rises 26.1pct

 QES 0196 QES GROUP BERHAD's Q1 eases 3.2pct, revenue rises 26.1pct

QES managing director and president Chew Ne Weng said it was encouraging to see the continual growth of the semiconductor industry which had inevitably led to the company recording positive results for Q1.

KUALA LUMPUR: ACE Market-listed QES Group Bhd's net profit eased 3.2 per cent to RM6.72 million in the first quarter (Q1) ended March 31, 2022 from the RM6.94 million recorded in the same quarter a year ago.

Its revenue increased 26.1 per cent to RM66.34 million from RM52.61 million previously.

In a statement today, QES said the higher revenue was mainly attributed to better sales from its distribution division by RM15.11 million.

QES said it had performed strongly in Malaysia, with revenue doubling from RM15.4 million in Q1 FY21 to RM31.6 million in Q1 FY22.

Revenue from its China operations grew 41.3 per cent to RM6.5 million in Q1 FY22.

The company's cash flow and balance sheet remained solid, with cash and cash equivalents at RM71.4 million.

QES managing director and president Chew Ne Weng said it was encouraging to see the continual growth of the semiconductor industry which had inevitably led to the company recording positive results for Q1.

"Nevertheless, we are cautious of the ongoing global supply chain disruptions arising from global material shortage.

"Hence, we will thread 2022 carefully as we roll-out our products and services to our customers and meet the order demands," he said.

Meanwhile, Chew said in Q1, the company had obtained the alienation approval from Penang state government for the acquisition of land in Batu Kawan Industrial Park.

"The area is thriving, and we are excited to kickstart the process of planning the construction and development of a new manufacturing plant there in the second half of 2022.

"In addition, we shifted into our new headquarters and manufacturing plant in Hicom-Glenmarie which will almost double our production capacity.

"This should put us in good stead to fulfil demands from the customers. We hope that our shareholders will ride through this journey with us," he said.

https://www.nst.com.my/business/2022/05/797281/qes-groups-q1-eases-32pct-revenue-rises-261pct