Nanofilm first-half profit up 5.1% to $18.8 million

Revenue for the six months to June rose 15.2 per cent to $111.3 million, up from $96.6 million in the year-ago period. PHOTO: SPH MEDIA LTD

SINGAPORE (THE BUSINESS TIMES) - Mainboard-listed Nanofilm Technologies posted a 5.1 per cent year-on-year increase in first-half net profit to $18.8 million from $17.9 million previously, according to its results filing on Thursday (Aug 11).

Revenue for the six months to June rose 15.2 per cent to $111.3 million, up from $96.6 million in the year-ago period.

Earnings per share stood at 2.86 cents, up from 2.71 cents previously.

The provider of nanotechnology solutions has proposed an interim dividend of 1.1 cents per share after considering its well-capitalised balance sheet and cash-generating operations.

"The group's strong financial position makes it uniquely positioned to select and expand its business in areas with attractive returns, including tie-ups in joint ventures or mergers and acquisitions, navigate the macroeconomic environment and deliver continuing sustainable growth," the filing noted.

In the first half of 2022, the group's production capacity in Shanghai was hampered by a lack of labour and logistics flow and, as a result, there was an estimated $8 million revenue loss from these restrictions.

Nanofilm noted that despite the challenging operating environment caused by Shanghai's Covid-19 lockdown, the group was still able to grow its revenue and profit, underscoring its unique deep-technologies reach in multiple growth avenues across vast industries and its strong business foundations put in place by management.

"We continue to focus our energies on our business unit-driven strategy that will fuel our growth for the longer term. Indeed, our strategy is delivering positive results, with deeper and wider application expansion of our nanotechnology solutions with existing and new customers across different industrial verticals," said Mr Gary Ho, Nanofilm's chief executive officer.

The counter closed five cents, or 2.4 per cent, higher at $2.11 on Thursday before the results announcement.

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