Turnover and net profit hit RM27 million and RM8 million respectively for the first time
 
KOTA DAMANSARA, Aug 25 (Bernama) -- Leading innovator and manufacturer of high performance test contacting solutions for global integrated circuit (“IC”) makers, JF Technology Berhad (“JF Tech” or the “Group”) (“杰冯科技”), announced its fourth quarter (“4QFY20”) and full year (“FY20”) financial results today for the period ended 30 June 2020.  
 
For the full year, JF Tech posted its best-ever turnover of RM26.8 million in FY20. This represented an increase of RM3.8 million or 16.5% year-on-year (“YoY”) from RM23.0 million in FY19. The improvement was mainly driven by the robust demand from its customers. 
 
More remarkably, the Group’s record revenue performance also translated into a stellar profit after tax and non-controlling interest (“PATNCI” or “net profit”) of RM8.0 million in FY20, surging RM5.0 million or 165.8% YoY from RM3.0 million in FY19. The Group’s net profit broke the RM8 million-mark for the first time. The larger-than-proportionate growth stemmed from lower operating expenses, absence of legal fees incurred in the preceding year, as well as gain in foreign exchange due to the strengthening of US dollar (“USD”) against Ringgit Malaysia (“RM”).

For the quarter under review, it was also a milestone performance with the Group revenue registering a high of RM8.1 million, an increase of RM3.0 million or 60.0% YoY from RM5.1 million in the preceding year corresponding quarter (“4QFY19”). The jump was largely attributed to stronger demand from its customers overseas. GP margin leaped to 74.8% in 4QFY20 against 64.5% a year ago. In turn, the Group’s earnings before interest tax depreciation and amortization (“EBITDA”), has correspondingly, soared 1,107% YoY to RM3.3 million in 4QFY20 from a loss of RM0.3 million in the previous year corresponding quarter.
 
The increase in revenue, coupled with higher GP margin lower operating expenses incurred (-18.5% YoY) resulted in JF Tech’s net profit rising strongly by 571.3% YoY to RM3.1 million in 4QFY20 as compared to a loss of RM0.7 million in 4QFY19. 
 
Managing Director of JF Tech, Dato’ Foong Wei Kuong (拿督冯伟强) said, “We are truly heartened that the Group has, against all odds, delivered a strong set of record-breaking results. This was achieved notwithstanding the Covid-19 pandemic, the resultant movement control order (“MCO”) as well the overall challenging macroeconomic environment. This has proven that we are in the right industry with the right skills and as such, we continued to experience strong demand from our customers for our products despite the economic slowdown.”
 
“Looking ahead, while the current challenging environment is expected to prevail due to uncertainties brought about by the pandemic, we do see various pockets of opportunities that JF Tech can capitalize on. The Group is upbeat on our prospects underpinned by the exciting growth plans we have in place. We have been planting seeds of growth over the past few years to build a solid foundation for our future. We are now ready to embark on our next phase of growth, which is the reinvention of the Group.”
 
“With the introduction of 5G gaining momentum, we are ready to play a key role in this migration. JF Tech has filed 63 patents in various countries, 16 of which are for 5G testing applications and 7 for automotive test applications. We will continue to grow our intellectual property, which is the key differentiator from our competitors. We believe with our in-depth technical expertise and proven track record, we bring tremendous value to our customers and strategic partners.” Dato’ Foong further added.
 
On balance sheet strength, the Group remains in a net cash position, with net cash per share of 6.6 sen as at end-June 2020, backed by net assets of 18.0 sen per share.
 
For the financial year under review, the Board has declared a final dividend of 1.5 sen per share, a 3-fold increase as compared to 0.5 sen per share in FY19.
The entitlement date is 11 September 2020, and will be payable on 25 September 2020.
 
About JF Technology 
JF Tech is a leading innovator and manufacturer of high performance test contacting solutions for global integrated circuit (“IC”) makers. The Group has more than 20 years of industry experience with in-depth technical expertise. JF Tech possesses 23 patents in various countries with another 40 patents pending approval. Listed on the MESDAQ Market (now renamed as ACE Market) of Bursa Malaysia Securities Berhad since 2008, the Group’s headquarter is located in Kota Damansara, Selangor.
 
Released on behalf of JF Technology Berhad by Capital Front Investor Relations. 

Source: Capital Front Investor Relations

FOR MORE INFORMATION, PLEASE CONTACT:
Name: Kai Khoo
Tel: 012-335 7148 
Email: kai@capitalfront.biz

--BERNAMA