KUALA LUMPUR: Inari Amertron Bhd's net profit jumped 52.5 per cent year-on-year (YoY) to RM106.93 million in the first quarter (Q1) ended September 30, 2021, from RM70.10 million recorded in the same period a year ago.
In an exchange filing today, the semiconductor producer said this was mainly derived from higher revenue growth and favourable movements in foreign exchange.
Its Q1 revenue increased 24 per cent YoY to RM431.12 million from RM347.62 million, underpinned by radio frequency business segment.
Inari remained positive on its near term prospects as the momentum heading into 2022 would likely continue to be strong from good demand and tight supply for the semiconductor market consistent with industry forecasts, barring any resurgence of new covid 19 variants.
The worldwide semiconductor market growth is expected to rise from 6.8 per cent in 2020 to 25.1 per cent in the year 2021, which corresponds to a market size of US$551 billion, according to the market forecast by World Semiconductor Trade Statistics (WSTS).
Meanwhile, the International Data Corporation (IDC) said shipments of smartphones are also expected to grow 7.4 per cent in 2021, reaching 1.37 billion units, followed by 3.4 per cent growth in 2022 and 2023 respectively.
5G shipments continue to be a primary driver of 2021 growth as both vendors and channels focus on 5G devices that carry a significantly higher average selling price than older 4G devices.