YHI International, the distributor of car and industrial products and an original design manufacturer (ODM) of alloy wheels, today reported a 16.1% rise in net profit attributable to shareholders to $22.6 million in FY09.

Turnover for the group eased 9.5% to $414.4 million in FY09 from $458.0 million in FY08. This was due to weaker demand in the group’s distribution and manufacturing segments in the first half of FY09.

The distribution segment, which accounted for about 69% of the group’s total turnover, saw sales fell by 4.7% to $286 million in FY09. The manufacturing segment, which comprised the other 31% of the group’s total turnover, also registered a 18.7% drop in sales to $128.4 million in FY09. As a result, group gross profit also fell 13.8% from $111.4 million in FY08 to $96 million in FY09.

In Q4FY09, net profit attributable to shareholders was up 85.1% to $7.3 million from $3.9 million in Q4FY08. This came on the back of a 14.9% rise in turnover to $112.4 million in Q4FY09 from $97.9 million in Q4FY08. The improved net profit is due to the higher revenue, lower operating expenses as well as currency exchange gains.

YHI says the group’s cash and cash equivalents more than doubled to $36.9 million compared to $17.5 million in the previous corresponding year, reflecting increased cash flow from operations and better inventory management for the year. Net cash generated by operating activities jumped 125% to $49.8 million in FY09 versus $22.1 million in FY08.

The group’s Earnings Per Share rose 16.3% to 3.86 cents in FY09 against 3.32 cents in FY08 while Net Asset Value Per Share stood at 33.64 cents in FY09 as compared to 30.86 cents in FY08.