JF Technology foresees bright outlook for semiconductor sector - MIDA | Malaysian Investment Development Authority
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JF Technology foresees bright outlook for semiconductor sector

JF Technology foresees bright outlook for semiconductor sector

03 Dec 2020

JF Technology Bhd (JFT) foresee the semiconductor sector remains bright as the global semiconductor industry is expected to continue to be on an upward trajectory.

Managing director Datuk Foong Wei Kuong said furthermore, the deployment of the game-changing 5G globally will create a paradigm shift through the developments of artificial intelligence, autonomous driving, healthcare advancement, amongst others, which will lead to a huge wave of demand for the next generation of semiconductors.

“This is a great opportunity for JFT and Malaysia to move up the semiconductor value chain and in turn, create high-value jobs for Malaysians.

“The group’s focus now is on the execution of our growth drivers. Our new 5G-ready products have already hit the market and we expect the sales pace to pick up.

“JFT will continue to grow our intellectual property, which is one of our key differentiators. The group has filed 63 patents in various countries, 16 of which are for 5G testing applications,” he said during the company’s virtual 14th annual general meeting (AGM) and extraordinary general meeting (EGM) today.

JFT manufactures high-performance test contacting solutions for global integrated circuit (IC) makers.

At the virtual meeting, Foong said the company closed its financial year 2020 (FY20) on a high note by registering a positive annual revenue and net profit against the backdrop of a challenging business environment.

Furthermore, he said the company have kept up the positive momentum by posting our best-ever quarterly top and bottom-line performance in the first quarter (Q1) of the new fiscal year (FY21).

JFT’s 1Q FY21 net profit surged 121.5 per cent year-on-year (YoY) to RM4.0 million, which is already 50 per cent of of the company’s historic-high FY20 net profit.

On the corporate front, Foong said the group is also considering to transfer its listing to the Main Market of Bursa Malaysia in 2021.

“All in all, we are excited by what is ahead of us. With our in-depth technical expertise and established track record, we are confident about the execution of our plan,” Foong said.

Shareholders have approved all resolutions including the proposed bonus issue of shares with free warrants, on the basis of 3 bonus shares together with 2 free warrants for every existing ordinary shares held.

The entitlement date for the bonus issue of shares with free warrants will be announced at a later date and is expected to be completed in the first quarter of 2021.

As for dividend payout, to recap, the group has paid a total dividend of 1.5 sen per share in September 2020 for the financial ended 30 June 2020, which is a 3-fold increase as compared to 0.5 sen per share in FY19.

Source: NST