KUALA LUMPUR (May 17): Main Market-bound automotive seats manufacturer Feytech Holdings Bhd (KL:FEYTECH), which is slated to float its shares on Bursa Malaysia next Tuesday (May 21), posted a net profit of RM16.88 million in the first quarter ended March 31, 2024 (1QFY2024).
In an exchange filing on Friday, Feytech said it logged revenue of RM70.65 million during the quarter under review, driven by sales in automotive seats and cover segments. Earnings per share stood at 2.41 sen.
There are no comparative figures for the preceding corresponding quarter as this is the first interim financial statement announced by the company to comply with Bursa’s listing requirements.
On its outlook, the company believes that its prospects in Malaysia's automotive seat and cover industries are favourable, on the back of the automotive industry’s recovery and long-term growth prospects.
It added that the company's prospects will also be supported by customer sales, competitive positionin, and business strategies.
Feytech is principally involved in the manufacturing of automotive seats, automotive covers for automotive seats and interior parts such as door ornaments, steering wheels, gear knobs, handbrake handles and consoles.
Its customers include Mazda Malaysia and Kia Malaysia, as well as Tier 1 automotive seat and interior part manufacturers, which serve automotive vehicle original equipment manufacturers (OEM).
As part of its initial public offering (IPO), Feytech is offering 252.94 million shares, including an offer for sale of 109.62 million and 143.32 million new shares at 80 sen a piece.
Its IPO raised some RM114.65 million from the issuance of new shares. The bulk of the proceeds of about 18.4%, or RM21.13 million, will go towards constructing a new corporate office with new manufacturing plant and warehouse while 16.4%, or RM18.76 million, will go towards construction of the new Kulim Plant 2. 10.1%, or RM11.6 million, has been earmarked for land acquisition, while the remaining 55% has been allocated for working capital, buying new machineries and listing expenses.
Additionally, proceeds from the offer for sale of existing shares, equivalent to 13% of the expanded share capital, will go to two existing shareholders Tan Sun Sun and Go Yoong Cheng, both of whom are executive directors.
The company is expected to have a market capitalisation of RM674.56 million with an enlarged share capital of 843.2 million upon listing.

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