Aztech Global net profits surges 48% 2023

However, the group expects a challenging year ahead.

SGX-listed Aztech Global Ltd reported an increase in net profits for the fiscal year ending 31 December 2023 (FY2023), with a surge of 48% and 48.8% year-on-year to $133.6m and $100m, respectively.

The surge was attributed to the increase in revenue, reaching $896.3m during FY2023.

Earnings per share saw a 49% increase, reaching $0.1296 in FY2023 from $0.0870 in FY2022. 

The company also reported a net cash balance of $249.8m, including $40.6m in short-term investments after deducting bank borrowing and lease liabilities of $21.5m.

Moreover, it generated a free cash flow of $79.2m for FY2023.

“Our expansion in Malaysia has provided us the foundation to seize new opportunities in the years ahead," said Aztech Global’s Chairman and CEO Michael Mun.

However, the group expects a challenging next six to twelve months as geopolitical tensions and inflationary costs of business are expected to persist into the year.

“The Group remains committed to the disciplined management of its operations, costs and balance sheet. It will continue to adapt and innovate novel solutions to capture new customers and opportunities in the growing IoT market,” the group said.