KUALA LUMPUR: ACO Group Bhd's (ACO Group) net profit jumped 75.6 per cent to RM3.0 million in the third quarter (Q3) ended November 30, 2021, from RM1.7 million a year ago.

Revenue stood slightly lower at RM35.7 million in Q3 against RM36.9 million in the prior year's same quarter.

In tandem with the significant improvement in Q3 2021, the nine-month (9M) FY22 net profit surged 240.2 per cent to a record high of RM6.1 million compared to RM1.8 million in the same period last year.

Revenue for the period rose 21.0 per cent to RM91.3 million versus RM75.5 million.

The improvement in financial performance was mainly attributable to the recovery in demand from customers and a RM1.9 million in a share of profit contribution from the company's associate, Focus Electrical Sdn Bhd (FESB), which was absent in the preceding period.

Furthermore, 9M FY21 financial performance included a RM2.0 million one-off listing expense.

ACO group managing director Ir Tang Pee Tee said the company's stronger year-on-year (YoY) financial performance reflects the gradual recovery of its business as industries reopen after the various lockdown measures implemented.

Tang said the company has been busy fulfilling order backlogs accumulated during the lockdown period.

"Additionally, our investment in FESB has continued to deliver a commendable performance which uplifted our bottom line.

"Since we completed the acquisition in November 2020, FESB has been contributing positively to the company's bottom line while recording the highest share of results thus far in the quarter under review," he said.

Operationally, Tang said the company's new headquarter is now ready for occupancy, and its new sales outlet within the same vicinity is slated for business commencement in the second quarter of 2022.

He said the opening is timely for ACO Group to cater to increasing customer orders as the company witnesses an uptick in economic activities nationwide.

"We are optimistic of our long-term growth trajectory as we continue to reap the returns from our ventures made over the past years.

"The company's pivot to the renewable energy industry by offering solar related products and services has elevated our value proposition to our customers as there has been an increasing adoption of solar energy nationwide.

"In addition, the recently established strategic partnership with EV Connection Sdn Bhd also allows us to tap into the rapid growth in the electric vehicles industry," he added.