KUALA LUMPUR (May 30): Panasonic Manufacturing Malaysia Bhd (KL:PANAMY) declared a final dividend of RM1.21 per share for the financial year ended March 31, 2024 (FY2024), payable on Sept 20, 2024. This brings the annual dividend per share to RM1.36, about 11.5% higher than RM1.22 per share in FY2023.

However, the payout ratio dropped marginally to 89% in FY2024 versus 92% in FY2023.

The home appliance maker’s net profit more than doubled to RM17.58 million in the fourth financial quarter ended March 31, 2024 (4QFY2024), from RM7.35 million a year ago, on higher revenue, lower material costs and higher share of profit from an associated company.

Its share of profit from the associated company surged to RM5.95 million, from RM824,000 a year ago, according to its bourse filing on Thursday.

Quarterly revenue increased 6.11% to RM207.48 million, from RM195.53 million a year earlier, on higher export sales. Earnings per share for the quarter swelled to 29 sen versus 12 sen in 4QFY2023.

For FY2024, the group’s net profit grew 15.62% to RM92.65 million, from RM80.13 million in FY2023. Annual revenue dropped 8.7% to RM905.69 million, from RM991.63 million the previous year.

Panasonic attributed the lower revenue achieved in FY2024 to the discontinuance of the kitchen appliance business since the end of the last financial year, and lower export sales in fan products, mainly in the Vietnam market, as demand slowed.

It also said an insurance claim was received in FY2023 for the flood incident amounting to RM22.3 million recognised as other operating income. Excluding the insurance claims, the profit before tax for FY2024 would be an improvement of approximately 55% compared to last year.

On its outlook, Panasonic said the business environment is likely to remain volatile for FY2025.

To maintain its business competitiveness, it said it will continue to intensify its efforts to produce new products (water-related business) and expand its current product line-up.

“The company has made further progress in the utilisation of technology in its manufacturing facilities to improve productivity and increase efficiency whilst continuing to implement cost reduction measures to reduce overall costs of production and to improve profitability.

“With these measures in place, the company will strive to meet these challenges ahead with agility and resilience,” it added.

Shares in Panasonic increased eight sen to close at RM20.06 on Thursday, giving the group a market capitalisation of RM1.22 billion. Year-to-date, the stock has gained 11%.