KUALA LUMPUR: KPower Bhd (formerly Kumpulan Powernet Bhd), posted net profit of RM9.25mil in the second quarter ended Dec 31,2020, a jump of nearly 400% from RM1.86mil a year ago.
In its announcement on Monday, it reported its revenue surged by 560% to RM90.06mil from RM13.63mil. Earnings per share were 11.68 sen compared with 2.44 sen. It declared an interim dividend of 2.26 sen per share.
KPower said the construction related activities recorded a significant increase due to engineering, procurement, construction and commissioning (EPCC) activities mainly in Lao and Malaysia and other construction related activities in Malaysia.
As for its property development and investment segment, it recorded a revenue of RM3.95mil based on the progress of completion during the period for the units sold.
It said the healthcare segment was derived from the reclassification of manufacturing segment. The segment recorded a revenue of RM470,000, up by 196% due to higher sales orders. Loss before tax narrowed to RM870,000.
As at Dec 31,2020, KPower’s revenue increased by 158% from Q1 due to EPCC activities mainly in Lao and Malaysia and other construction related activities in Malaysia.
“The gross profit from operations for the current financial quarter was at RM23.81mil, up by 115% from 1Q, which is consistent with the increase of profit before tax of RM23.64mil and profit after tax of RM17.39mil or 114% and 114% respectively, as compared to Q1, ” it said.
KPower said in the first half, its net profit rose by 520% to RM17.39mil from RM2.81mil in the previous corresponding period. Its revenue also registered strong growth of 493% to RM147.12mil from RM24.79mil.