The manufacturer and sub-assembler of wires and cables for the medical devices, electrical appliances, consumer electronics and automotive markets turned in a net profit of RM10.1 million for the third quarter of its 2022 financial year (Q3 2022).

This was a 44.4% increase from the same quarter of the previous financial year, the company said in a statement today.

Scomnet said this was achieved on the back of a 40.6% jump in revenue to RM45.14 million, thanks not only to a higher demand from existing and new clientele but also improved exchange rates.

The ringgit has been depreciating against the US dollar over the past few months, hitting its lowest since the 1998 Asian financial crisis in the past two months.

For the nine-month period to Sept 30, the company recorded a net profit of RM26.9 million, which is a 55.6% rise from the corresponding period in 2021.

This was achieved on the back of an 18.1% increase in revenue to RM120.98 million in the same corresponding periods.

The board has declared a first interim single-tier dividend of 0.5 sen per ordinary share for the financial year ending Dec 31. This will be paid on Dec 22 to shareholders who are entitled to it as of Dec 7.

Scomnet said that for the quarter under review, all three segments of its business recorded improvements in revenue compared with the previous corresponding period.

It said the medical segment remained the key contributor, accounting for 56% of the company’s total revenue. In the previous corresponding quarter, it accounted for 71% of total revenue.

The automotive sector grew its share of group revenue from 10% to 14% while the industrial segment also saw its stake rise 19% to 30%.

Looking ahead, managing director James Shiue said the company remained optimistic about its long-term prospects.

This outlook is underpinned by the continually growing demand from customers and the addition of several new products in the pipeline, he added.