KOTA DAMANSARA: JF Technology Berhad (“JF Tech” or the “Group”), a leading innovator and manufacturer of high-performance test contacting solutions for global integrated circuit (“IC”) makers, announced its fourth quarter (“4QFY24”) and full year financial results today for the period ended 30 June 2024 (“FY24”).
Managing Director of JF Technology Berhad, Dato’ Foong Wei Kuong, commented on the results, stating, “FY24 has been a challenging year for us on the back of the slowdown in the semiconductor sector and global uncertainties. Nevertheless, we continue to be positive on the long-term prospects of the Group especially with the positive signs for the industry. The World Semiconductor Trade Statistics (“WSTS”) is forecasting a 16.0% growth for global semiconductor sales in 2024 and 12.5% in 2025. Based on the growth projections, global semiconductor sales would reach $611.2 billion and $687.4 billion respectively for 2024 and 2025, which would be the highest-ever annual sales in total.”
He further added, “Moving forward, our focus remains on gaining further traction for our 6 growth drivers. The Group made a breakthrough in August 2024, as we entered into a cross-distribution agreement with Ironwood Electronics, Inc. (“Ironwood Electronics”). Together, we will be leveraging on each other’s strong expertise and established network to further expand our geographical presence.”
“Meanwhile, for our joint venture (“JV”) with Shenzhen HFC Co., Ltd. (“Shenzhen HFC”) to design and manufacture electromagnetic interference shielding materials, thermal interface materials, absorbing materials, etc., machine installation is ongoing and production will commence thereafter. On the other hand, the demand outlook for China remains encouraging, with utilization at our China facility continuing to increase. All in all, the long-term outlook of the Group continues to be bright supported by the aforementioned factors. Barring unforeseen circumstances, the Board expects the FY2025 financial performance to be satisfactory,” Dato’ Foong concluded in his comments.
- Revenue for FY24 was RM41.6 million, down from RM45.4 million in the previous year, mainly due to softer demand for test contacting sockets. However, contributions from the test interface products division and Kunshan manufacturing facility partially offset these effects.
- Revenue from China increased by 10.6% year-on-year (“YoY”) to RM15.0 million from RM13.6 million in FY23.
- Profit before tax (“PBT”) for FY24 was RM6.3 million, with a profit after tax and non-controlling interest (“PATNCI” or “net profit”) of RM5.8 million, compared to RM11.7 million and RM12.2 million respectively in the prior year. This was primarily due to shifts in product mix, share of loss of an associate, and impairment of intangible assets.
- JF Tech declared a final dividend of 0.25 sen per share for FY24 amounting to RM2.3 million, reflecting a dividend payout of 39.5% based on a net profit of RM5.8 million.
