SGX-listed Aztech Global’s earnings up 18.7% in Q1

The growth was recorded despite a 20.4% decline in revenue.

SGX-listed Aztech Global grew its net income by 18.7% to $15.9m in the first quarter of 2024 amid a “strong free cash flow and healthy order book.”

In a regulatory filing, Aztech Global said net profit increased despite revenue dropping 20.4% to $128.6m. The rescheduling of customer orders and the negative impact of heavy snowstorms in China weighed revenue down, it noted.

Meanwhile, EBITDA grew 22.2% to $21.5m in the first quarter due to net fair value gain on foreign exchange of $2.3m from a loss of $3.1m a year ago and write-back of provision for loss of trade receivables amounting to $1.2m, Aztech Global said. 

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As of 31 March. Aztech Global said its cash and bank balances amounted to $272.6m, and net cash was at $302m. Operating activities generated strong free cash flow of $49.6m during the quarter, it added. 

Aztech Global said it also has a healthy order book of $456m as of 23 April.

In the coming months, Aztech Global said it will focus on fulfilling the deferred 1Q24 orders. Whilst it is “cautiously optimistic,” the company said it also plans to grow its IoT and electronics manufacturing service business and line of Vision Technology products by strengthening its manufacturing capabilities and using technology like artificial intelligence.