AEM Q1 profit more than triples to $40.8m on record quarterly revenue
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AEM chief executive Chandran Nair says the company remains optimistic about its business prospects and strives to expand its presence globally.
PHOTO: AEM
Paige Lim
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SINGAPORE (THE BUSINESSS TIMES) - Semiconductor equipment maker AEM Holdings on Thursday (May 5) reported $40.8 million in net profit for its first quarter ended March 31, 2022, more than tripling its $13.3 million profit recorded for the year-ago period.
The increase in net profit comes on the back of a record quarterly revenue of $261.9 million, which the electronic services provider said was the highest in the group's history, up from $80.2 million a year ago.
Revenue growth was mainly driven by a strong uptake in the group's new-generation equipment and tools, and the consolidation of its subsidiary CEI, which the group acquired in the first half of 2021, AEM said.
Earnings per share stood at 13.1 cents in the first quarter of 2022, a 172.9 per cent year-on-year increase from 4.8 cents in the first quarter of 2021.
AEM said it has raised the group's revenue guidance for the full financial year to between $700 million and $750 million.
The group highlighted that today's new normal continues to create a "strong demand environment" for semiconductor chips for mission critical applications. It intends to leverage industry trends and strengthen its capabilities to support next-generation applications through superior testing solutions, on top of investing in research and development.
AEM chief executive officer Chandran Nair said: "We remain optimistic about our business prospects and strive to expand our market presence globally.
"While the growth in semiconductor test content provides positive momentum, we continue to remain mindful of the supply chain challenges and the geopolitical situation."
