KUALA LUMPUR: UWC Bhd's net profit jumped 26.9 per cent to RM29.25 million in the first quarter (Q1) ended Oct 31, 2022 from RM23.04 million recorded in the same quarter a year ago.
Revenue in Q1 grew 22.4 per cent to RM92.12 million from RM75.26 million.
In a statement today, the integrated engineering supporting services provider said the improved financial performance was mainly due to the higher involvement in both the semiconductor and life science and medical industry.
Executive director and group chief executive officer Datuk Ng Chai Eng said the Q1 FY23 net profit is more than double that of pre-Covid Q1 FY20 net profit.
"The improved financial performance is backed by the strong demand from our clients, especially from the semiconductor field.
"With all the expansion plans we had, we are well poised to seize any opportunity which may arise from that field," he said.
Ng added that moving forward, the company's optimism of the global semiconductor industry's outlook remains steadfast.
"The ongoing global economic and geopolitical developments may have initiated a snowballing effect where the global industry's growth projection was trimmed. While growth may have been downgraded, the global market is still valued at over RM2.5 trillion in (calendar year) 2023.
"Huge opportunity to chip away part of the market to boost our market share," he added.