PETALING JAYA: VS Industry Bhd posted a record-high net profit of RM245.34mil in the financial year ended July 31, 2021 (FY21), which was more than double the net profit of RM116.48mil recorded the year before.

       “This was parallel with the top-line improvement while the larger-than-proportionate rise in profitability was due to favourable product sales mix in Malaysia stemming from a more diversified clientele, turnaround in performance from Indonesia as well as much narrower losses incurred in China,” it said in a statement.

       Revenue for FY21 rose 23.4% to RM4bil from RM3.24bil previously on higher sales orders from key customers in Malaysia and Indonesia.

       In Q4, group revenue was higher at RM941.12mil from RM882.61mil the previous corresponding quarter.

       However, net profit for the quarter fell 24.2% year-on-year to RM41.48mil, mainly owing to a one-off impairment on the investment in an associate amounting to RM25mil.

       The board declared a fourth interim dividend of 0.5 sen per share for the quarter under review, and proposed a final dividend of another 0.5 sen per share, subject to shareholders’ approval at the upcoming annual general meeting.

       The total dividend for the financial year amounts to about RM113.8mil, representing a 46.4% payout based on FY21 net profit of RM245.3 mil, exceeding the group’s 40% payout policy.