Revenue is down 3.9% at S$689.7 million on softer customer demand

 

TECHNOLOGY company Venture Corporation : V03 +0.15% reported a 4.7 per cent quarter-on-quarter (qoq) fall in net profit to S$60.6 million for the third quarter of 2024, from S$63.5 million in the previous quarter.

 

Revenue was down 3.9 per cent qoq at S$689.7 million, from S$717.5 million in Q2. This was largely due to softer demand in the life sciences, lifestyle consumer, and test and measurement instrumentation technology domains, it added.

 

In a business update on Friday (Nov 8), the group said the lower revenue was partly offset by higher revenue in the networking and communications as well as semiconductor-related equipment technology domains. This was as its &ldquo growth initiatives delivered improved performance&rdquo .

 

While the decline in net profit is in line with the lower revenue, the group noted that it had a &ldquo robust&rdquo net profit margin of 8.8 per cent through its focus on operational efficiency.

 

Venture Corp did not provide year-on-year comparisons in its Q3 business update, but highlighted that its net cash position had increased by S$138 million from the level as at Dec 31, 2023, to S$1.19 billion for the first nine months of 2024.

 

This was on top of capital allocations for shareholder returns over the period, including dividend payments and share buybacks, it said.

 

It also noted that in spite of softer customer demand in Q3, revenue for the second half of 2024 is expected to be &ldquo relatively stable&rdquo compared to H1 2024.

 

Venture Corp said it sees &ldquo good opportunities on the horizon&rdquo , including new design wins and new product introductions for secular growth segments such as life sciences and artificial intelligence data centre-related businesses.

 

The company will also be onboarding new customers in selected technology domains, and it is currently developing new products with a key customer in the lifestyle consumer technology segment, it said.

In his new role, Wong will provide leadership to all business units within the group, as well as drive its strategy and direction

 

TECHNOLOGY company Venture Corporation has named Wong Chee Kheong, 62, as its group chief executive officer (CEO) effective Nov 1.

 

In his new role, Wong will provide leadership to all business units within the group, as well as drive its strategy and direction, said Venture on Tuesday (Oct 1).

 

Welcoming the appointment, Venture&rsquo s executive chairman Wong Ngit Liong is confident that Wong Chee Kheong&rsquo s &ldquo substantial technical knowledge, close relationship with key customers and alignment with Venture&rsquo s values&rdquo will drive the success of the group.

 

Wong Ngit Liong led the Venture Group as managing director from 1989, and then as CEO until the end of 2021.

 

Separately, Venture also announced that the CEO of its technology products and solutions group Lee Ghai Keen will resign on Oct 31 due to personal reasons. He will remain with the company for a period of time to facilitate a smooth transition, said Venture.

 

Lee was appointed CEO of the technology and solutions group in June last year after a restructuring of the company&rsquo s main business groupings. The group comprises various businesses, including life-science and genomics, as well as precision engineering.

 

At the same time, Wong Chee Kheong took charge of the other business segment that was created following the restructuring.

 

The advanced manufacturing and design solutions group designs and manufactures electronic products for the healthcare, luxury lifestyle and wellness industries. It also makes semiconductor-related equipment and modules.

 

Wong Chee Kheong joined Venture in 2003 and has worked in departments such as product development and manufacturing, as well as IT and global supply base management. He also served as Venture&rsquo s chief operating officer from January 2022 to May 2023.

 

He graduated from the National University of Singapore with a first class honours in electrical engineering.