Nanofilm net profits grow to record high 8% in 2021
Their H2 2021 results also showed a 145% rebound compared to the first half of the year.
Mainboard-listed Nanofilm Technologies International announced its full-year results for the financial year ended 31 December 2021, which showed a record-high growth of 8% profit after tax worth $63m. For the second half of 2021, the group's net profit grew 145% to $44m.
This was achieved despite a challenging macro environment brought on by the pandemic and global supply chain disruptions that shifted growth momentum whilst incurring expenses for the new Shanghai Plant 2 and new coating equipment that significantly boosted the group's long-term production capacity. Its new strategic hydrogen fuel cell business through Sydrogen Energy, a joint venture with Temasek, contributed a net loss of $1m due to operating expenses incurred for business-building in its first year of operation.
CEO Gary Ho said, "Our investments in production capacity, infrastructure and R&D made in 2021 and previous years will position us well for future growth. Although FY 2021 brought its fair share of operational challenges, we were steadfast as a team and have managed to maintain our growth momentum whilst continually investing in our technologies, new business opportunities, strategic ventures and capacity. This year, we will continue to strengthen our BU-centric structure and operational excellence whilst intensifying our business development and sales infrastructure. This will increase our sales coverage in various geographies and advance the adoption of our nanotechnology solutions across existing and new industry verticals."
Barring any unforeseen circumstances, the group is optimistic and confident of its solid sustainable growth outlook in 2022 with its BU-driven strategy in accelerating the commercialisation and increasing adoption of its nanotechnology solutions across multiple existing and new areas.