UMS Integration, formally known as UMS Holdings , has reported earnings of $40.6 million for FY2024 ended Dec 31, 2024, down 32% y-o-y. For 2HFY2024, the company saw a 29% dip in earnings of $11.1 million.
Earnings per share for FY2024 came in at 5.74 cents per share.
Meanwhile, the group reported revenue for the full year of $242.1 million, down 19% y-o-y. For 2HFY2024, the group reported 9% lower earnings of $67.2 million.
Revenue for the full year fell as sales in the group’s semiconductor segment and others segment decreased 21% and 35% respectively.
Semiconductor Integrated System sales decreased 33% to $94.4 million in FY2024 from $140 million in FY2023. Revenue from component sales fell 8% to $110.2 from $120 million during the same period.
Apart from Malaysia, which saw revenue surging 97% y-o-y, sales declined in all the group’s key geographical markets. Singapore, US, Taiwan and others reported sales decline of 23%, 6%, 36% and 36% y-o-y respectively in FY2024.
In the fourth quarter of 2024, group revenue fell y-o-y but improved q-o-q. Sales have resumed quarterly growth since 1QFY2024, the group says.
Aerospace sales, which benefitted from the global aviation rebound, increased 2% y-o-y during the 4QFY2024.
Compared to 3QFY2024, revenue in the semiconductor segment grew 4% — Integrated System sales eased 7.5% while component sales rose about 16%.
See also: LHN Group adds 45 new keys and 29 new facilities management contracts in 1QFY2025 business update
The group’s overall earnings decline was due to lower revenue and higher expenses. Depreciation expenses increased 10% mainly due to fixed asset additions. Other expenses also rose 3% as a result of higher professional fees for the group’s secondary listing in Malaysia, as well as higher property and machinery maintenance costs.
The Group's cash and cash equivalents grew to $79.9 million as at Dec 31, 2024.
“We have stayed profitable and grew our revenue every quarter amid challenging global market conditions and geopolitical tensions,” says UMS Chairman and CEO Andy Luong.
"Our prospects in FY2025 remain bright as we speed up the production ramp-up for our new customer in our new Penang facilities. The prevailing global air travel boom will continue to lift the performance of our Aerospace business.”
The group has proposed a final dividend of 2 cents per ordinary share.
Shares in UMS closed 1 cent lower or 0.971% down at $1.02 on Feb 28.
