Chu Jenn Weng (left) and Steven Siaw Kok Tong.
This story is part of Forbes' coverage of Malaysia’s Richest 2021. See the full list here.
Penang-based ViTrox makes machine vision inspection systems that can scan for defects in semiconductors and other high-tech gear. “ViTrox is experiencing robust demand from various sectors, especially in 5G, EV [electric vehicles], computing and AI,” says Kuala Lumpur-based Hong Leong Investment Bank analyst Tan J. Young in an April report.
In 2020, the company’s revenue jumped 39% to 470 million ringgit ($117 million) while profit was up by a third to 106 million ringgit. In this year’s first quarter, ViTrox grew even faster, with revenue and profit up over 40%.
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As a result, ViTrox shares surged 66% in the past 15 months since fortunes were last measured. ViTrox founder and CEO Chu Jenn Weng’s net worth more than doubled to $460 million, while cofounder Steven Siaw Kok Tong earned a debut spot among Malaysia’s richest at $325 million. Chu and Steven, both former Hewlett Packard engineers, set up ViTrox in 2000. The company went public in 2005 and now gets 75% of its annual revenue from exports.
