KUALA LUMPUR: Supercomnet Technologies Bhd (Scomnet) posted a net profit of RM8mil in the fourth quarter ended Dec 31, 2021 (4Q21) compared with RM8.29mil in the same quarter a year ago,

       The lower profit was due to lower deferred tax income reported during 4Q21 as compared to 4Q20.

       Its revenue rose 12.16% to RM43mil against RM38.34mil a year ago due to higher sale orders received and adjustment in selling price to factor in the increase in raw material costs in tandem with the increase in cost of goods sold.

       For the financial year ended Dec 31, Scomnet saw its revenue increase by 13.26% to RM145.44mil, as compared to RM128.41mil posted in the previous year.

       In line with the higher revenue, its net profit has also increased by 7.61% to RM25.29mil, against RM23.5mil in the previous year.

       As at Dec 31, Scomnet holds a cash and cash equivalent of RM42.27mil with zero borrowings and other financial assets amounting to RM102.26mil mainly in unit trusts and money market funds.

       “We remain optimistic on the group’s mid to long-term prospects underpinned by continuous growing demand of our products in the medical segment, which is a result of securing several new customers and products in the pipeline.

       “In FY22, we are also expecting the contribution of our automotive segment to pick up as the economy gradually returns to normalcy,” Scomnet said in a statement.

       The group revealed that the medical segment is its largest revenue contributor in Q4FY21 at 62% as compared to 60% in the last corresponding period, whereas the automotive segment has also seen a higher revenue contribution at 11% as compared to 5% in the last corresponding period.

       Meanwhile, the revenue contribution for the industrial segment stands at 27% compared to 35% in the last corresponding period.

       Moving forward, the medical segment will continue to be the key growth driver of the group followed by the automotive segment.