KUALA LUMPUR: Greatech Technology Bhd, a factory automation solutions provider, posted a jump in earnings in last quarter boosted by its growing electric vehicle (EV) energy storage business.
Net profit surged 77% to RM31.8mil on revenue of RM76.3mil in the three-month ended Dec 31, 2020.
This lifted its full year earnings to RM91.16mil compared with RM54.3mil made a year ago.
The group, which earlier this month announced a plan to open an EV battery pack assembly plant with its American partner in Arizona, said it is confident of gaining market share in the EV energy storage industry this year.
"The Group has allocated RM77.37mil for its targeted capital expenditure investment in year 2021 to support operating and growth requirements, which includes a new 230,000 square feet facility in Batu Kawan Industrial Park and its facility in US," it said.
Greatech said the group’s positive final quarter result was driven by the increased revenue recognised from production line systems in the new EV energy storage industry and the existing solar industry.
As of Feb 4, the Group’s order book stood at RM351.2mil, which is expected to last until first half of 2022.