Kobay Technology announced its fourth quarter ("4QFY24") and full year financial results for the period ended 30 June 2024 ("FY2024").

Kobay's FY2024 revenue came in at RM327.4 million, an increase of 4.4% year-on-year ("YoY") from RM313.7 million a year ago. This improvement was mainly driven by orders received for the manufacturing division, particularly from our new extrusion operation. Turnover from this division rose 5.0% YoY to RM204.7 million for the period under review versus RM194.9 million in FY2023.

At the bottom-line, the Group reported a profit after tax and non-controlling interest of RM15.0 million for FY2024 as compared to RM26.5 million last year. This it said was chiefly attributed to lower contributions from the property development division following the completion of a project last year, as well as softer earnings from the pharmaceutical and healthcare division as it balances profitability with market share preservation.