Genetec Technology sustains earnings momentum from all segments in Q2

NST Tue, Nov 29, 2022 02:10pm - 1 year View Original


KUALA LUMPUR: Genetec Technology Bhd's net profit increased 53.6 per cent to RM25.06 million in the second quarter (Q2) that ended September 30, 2022, from the RM16.31 million recorded in the same quarter a year ago.

In a statement today, the company said all segments in its portfolio continue to grow, with segment contributions remaining consistent with the preceding quarter.

Its revenue in Q2 increased 19.1 per cent to RM70.66 million from RM59.31 million.

For the nine months, Genetec's net profit surged 77.8 per cent to RM43.55 million from RM24.49 million, while revenue increased 44.5 per cent to RM143.88 million from RM99.59 million.

Genetec said the company has been building momentum and diversifying its portfolio in electric vehicle (EV) and energy storage segments.

"These efforts are yielding results, which will come through in the coming quarters," it said.

Besides that, Genetec said it remains focused on building on and deepening its share-of-wallet with existing clients.

Meanwhile, Genetec said its recent exclusive collaboration with diversified infrastructure and energy conglomerate Citaglobal Bhd would see the company supplying end-to-end battery energy storage management systems (BESS) solutions to designated project sites in different states across Malaysia over a multi-year period.

The company's role covers research and development, design and builds, and on-site installation and maintenance.

Looking ahead, it said the world's efforts to halve its carbon footprint by 2030 and achieve its net zero carbon target by 2050 would drive energy convergence and investments in renewable energy (RE) technology.

"New energy storage capacity is expected to be added globally between 2022 and 2030 as companies and countries transition towards clean energy or RE.

"Expectations are for RE to provide 65 per cent of the world's total electricity supply by 2030, with a massive 90 per cent decarbonisation of the power sector by 20501

"By the end of the decade, the US and China are expected to continue to be the two biggest markets, accounting for more than half of all RE storage installations worldwide.

"In the EV sector, we will continue to expand our performance and increase our capacity to achieve new heights," it added.

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