KUALA LUMPUR: George Kent (Malaysia) Bhd's (GKent) net profit surged to RM5.92 million in the second quarter (Q2) ended Sept 30, 2022 from RM133,000 recorded in the same quarter a year ago.

Its revenue, however, dropped 22.4 per cent to RM61.83 million from RM79.69 million.

For the first half (1H) period, GKent's net profit increased 29.8 per cent to RM15.48 million from RM11.93 million, while revenue increased 5.1 per cent to RM148.09 million from RM140.97 million.

In a statement today, the company said the higher revenue was mainly attributable to strong sales of its ISO-rated Class "C" volumetric meters, in particular, from export sales.

GKent declared an interim dividend of one sen per share for FY23, payable on Dec 29, 2022.

GKent said its metering division continued to record robust sales, which translated to a revenue of RM36.8 million, higher by 40 per cent as compared to the corresponding quarter in the previous year.

"The group's strong order book for its water meters is further boosted with several tenders worth over RM50 million secured as of Oct 31, 2022. 

GKent chairman Tan Sri Tan Kay Hock said the company was looking forward to launch its Class "D" volumetric water meter in December 2022. 

"We have been receiving positive feedback on our Class 'D' volumetric water meter and intend to introduce this new product line to our domestic as well as overseas customers.

"We are currently actively tendering within the engineering and infrastructure construction space to replenish our order book. 

"Moreover, the group will also be looking at business opportunities

including acquisitions of companies in our core and related sectors to increase our revenue," he said.