Frencken’s net profit slips to $32.5m in FY23

The FY23 net profit represents a 37.4% drop from FY22.

SGX-listed semiconductor manufacturer Frencken Group Limited reported a 37.4% YoY lower profit attributable to its equity holders of $32.5m in FY23.

The company’s revenue likewise fell in FY23, declining 5.5% YoY to $742.9m.

In a bourse filing, the company said 2023 was a challenging year for companies in the technology sector due to the steep cyclical downturn in the semiconductor industry, amongst others.

Whilst the company’s full-year financial performance was softer than the previous year, Frencken underscored that it witnessed better revenue and net profit in 2H23 versus 1H23.

In 2H23, the company recorded a revenue of $391.8m and a net profit of $20.4m.

Continued demand and new programmes from the company’s key customers in the semiconductor and analytical and life sciences segments in Europe buoyed the company’s growth in 2H23.