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VS Industry aims to grow business by deploying RM80mil capex this year

VS Industry aims to grow business by deploying RM80mil capex this year

06 Jan 2023

Electronics manufacturing services provider VS Industry Bhd is committed to remaining steadfast and focused on growing its business by deploying RM80 million for capital expenditure (capex).

Managing director Datuk SY Gan said 2022 was a demanding year for the company as it was fraught with many challenges ranging from the effects of a prolonged pandemic to global macroeconomic issues.

“Nevertheless, we are pleased to have navigated these taxing business operating conditions and delivered a commendable performance.

“Looking ahead, while the elevated market uncertainties are expected to persist, we remain steadfast and focused on growing our business.

“Meanwhile, for our local operations, the order flow from customers continues to be satisfactory,” he said after the company’s 40th annual general meeting.

For the financial year 2023 (FY23), he said the company has targeted to deploy around RM80 million for capex to expand and enhance its capacity and capabilities.

“Over in Indonesia, we anticipate a better contribution this year as a customer is increasing its orders,” said Gan.

At the group level, he added, the company will continue channelling resources to strengthen its environmental, social and governance initiatives.

“On balance, we are cautiously optimistic about VS’ outlook and opine that the group’s financial performance in FY23 will be satisfactory,” Gan added.

In FY22, the company continued with its quarterly dividend payout practice.

The total dividend per share amounted to 2.00 sen, representing a 45.8 per cent payout based on FY22’s earnings per share of 4.37 sen.

The company has a dividend policy of 40 per cent payout of net profit.

Source: NST