ACE Market-listed SFP Tech shelves shelves Main Market transfer

PETALING JAYA: ACE Market-listed SFP Tech Holdings Bhd is temporarily shelving its proposed listing transfer onto the Main Market of Bursa Malaysia following its recent, underwhelming quarterly financial results.

In a filing with the local bourse, the automation equipment solutions and engineering company said after due and careful consideration, it has decided not to proceed with the proposed transfer at this juncture.

“This decision was made after taking into consideration the recently announced financial results of the company. As such, the board is of the view that it is not the best time for the company to proceed with the proposed transfer.

“Nonetheless, it is the intention of the company to relook on the proposed transfer in the future.”

For the fourth quarter ended Dec 31, 2024, SFP reported a net loss of RM21.33mil, compared with a net profit of RM7.37mil in the previous corresponding period.

The weaker performance mainly consisted of provision for expected credit loss, staff cost and depreciation of non-manufacturing related property, plant and equipment.

Revenue in the fourth quarter however rose to RM43.57mil from RM15.90mil a year earlier.

“During the quarter under review, the group’s revenue was principally derived from the engineering supporting service (ESS) segment which contributed RM37.36mil, accounting for approximately 86.75% of the total revenue for the current quarter which represented an increase of RM24.52mil or 190.97%, as compared to the revenue generated from the ESS segment in the preceding year corresponding quarter of RM12.84mil.”