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KUALA LUMPUR: ECA Integrated Solution Bhd is confident of a strong performance in 2023 as it continues to see demand for its automation solutions amid the manpower shortage and rising cost environment.
"The response from customers for our automation solutions has been very encouraging.
"We are working to secure more orders. Coupled with the existing orders on-hand, we look forward to achieving another breakthrough performance for us in FY23," said major shareholder and executive director-cum-chief operating officer Chua Lye Hock in a statement.
He said the demand for automation will increase as businesses worldwide need to remain competitive.
"After seeing the outcomes of our solutions, they are investing larger budgets with plans to further automate more intricate production processes.
"This is great news for us because our speciality is to provide sophisticated, customised solutions," he said.
Chua added that the group is also developing several new solutions, which it hopes to release later this year.,
Armed with RM25.5mil in proceeds from its listing, Chua said the group is forging ahead with its expansion plans, which include the acquisition of new advanced machinery and allocating higher working capital to undertake bigger orders.
It said it had also increased its headcount of engineers to cope with the rising demand.
In its recently released fourth quarter financial results, ECA registered a 34.2% increase year-on-year in FY22 revenue to RM27.5mil as it delivered more integrated production systems and standalone automated equipment to its customers.
Its net profit of RM7.8mil in FY22 was down from RM8.2mil in FY21 after deducting RM1.2mil in one-off listing expenses.
Excluding the listing cost, the group would have registered a record-high net profit of RM9mil.
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