Azanis Shahila Aman
KUALA LUMPUR: Kobay Technology Bhd's net profit climbed 8.2 per cent to RM10.5 million in the first quarter (Q1) that ended September 30, 2022, from RM9.7 million a year ago.
Kobay reported revenue of RM89.4 million in Q1 2022, which translated to a 35.2 per cent year-on-year (YoY) growth from RM66.1 million last year.
It said that the top-line improvement was driven by higher contributions from all three business segments, namely manufacturing, property development, pharmaceuticals, and healthcare.
Kobay's property development segment recorded a 3-fold top-line increase from RM2.9 million in Q1 2021 to RM9.9 million in Q1 2022 as construction progress picked pace.
Meanwhile, the company's pharmaceutical and healthcare segment registered revenue of RM21.4 million for the quarter under review, compared to RM17.2 million last year.
Managing director and chief executive officer Datuk Seri Koay Hean Eng said that concerning the pre-operating costs incurred, the company expects some of these new businesses to start operations soon, especially after a successful customer qualification from an electronics manufacturing services (EMS) client.
At the same time, Koay said the company's property development activities recovered post-Covid-19 pandemic, while its pharmaceutical and healthcare segment has been delivering consistent results since its acquisition in August 2021.
"We expect these two segments to continue playing key supporting roles for our group in this new financial year.
"Moving forward, we remained cognizant of the macroeconomic challenges ahead and are strategizing our growth plans accordingly.
"Overall, with our well-diversified segments and the multi-industry client base of our manufacturing business, Kobay is confident in navigating through whatever headwinds that may come," Koay added.