Annual Report 2023 41 MANAGEMENT DISCUSSION & ANALYSIS FINANCIAL REVIEW Revenue In the financial year under review, Datasonic registered our best-ever revenue at RM344.7 million as compared to RM136.4 million in the previous year. This represented a jump of 152.7% year-on-year (“YoY”), which was mainly driven by higher supply of passports, smart cards and personalisation services following the reopening of international borders and recovery on the economy. Gross Profit (“GP”) & GP Margin FY2023 GP rose 147.7% YoY to RM190.0 million vis-à-vis RM76.7 million last year in tandem with the increase in revenue. With the team’s proactive management of raw materials, GP margin stood at 54.9% for the financial year under review. Profit Before Tax (“PBT”) & PBT Margin Balance Sheet Highlights as at 31 March 2023 RM465.4 million 12.7 sen per share RM360.4 million 5.3 sen Cash per share Total Assets Net Assets Total Equity Net Cash Position with 72.0 73.6 190.0 138.4 136.4 344.7 FY 2021 FY 2022 FY 2023 Revenue (RM million) Gross Profit (RM million) Meanwhile, the higher operational efficiency attained led to a larger-than-proportionate increase in PBT. FY2023 PBT grew 8.5 folds to RM108.2 million from RM12.7 million a year ago. This also translated to a higher PBT margin at 31.4% as compared to 9.3% for FY2022. Net Profit & Net Profit Margin Subsequently, Datasonic’s FY2023 net profit experienced a strong growth of 7.5 times to RM76.4 million versus RM10.2 million achieved in FY2022. Similar to the PBT, the larger-than-proportionate increase was primarily attributed to greater operational efficiencies. However, the growth was impacted by higher effective tax rate for FY2023 stemming from the expiry of the pioneer status for one of our subsidiaries. Net profit for the financial year under review stood at 22.1% vis-à-vis 7.5% for FY2022. Operationally, it was highly demanding for us as a result of the challenges brought upon by the aftereffects of the pandemic such as supply chain disruptions, labour shortage and fluctuations in raw material costs, to name a few. Therefore, diligent planning and foresight is pivotal especially given the fact that we are involved in national critical projects such as passports and MyKad. Datasonic’s manufacturing plant has been running at optimal capacity as we ramped up production to cater to the pent-up demand for passports, MyKad, security documents to NRD as well as the supply of newly secure i-Kad to IDM. To that end, we have also expanded our manufacturing capacity with a new plant next to our Meru, Klang facility. This also forms part of risk management efforts to diversify our manufacturing base. The expansion was completed in FY2023 and production has commenced.
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