Genetec 2Q net profit surges due to electric vehicle sector

Gentec share price jumped from RM8.85 since end-June to another record high of RM48.40 at midday on Monday.

KUALA LUMPUR: Genetec Technology Bhd, whose share price has surged in recent months, delivered a strong set of financial results in the second quarter, underpinned by its electric vehicle (EV) sector.

The company announced on Monday its net profit surged by 517% to RM16.29mil in the second quarter ended Sept 30, 2021 from RM2.64mil a year ago. Its revenue increased by 53.2% to RM59.31mil from RM38.67mil. Earnings per share were 32.25 sen compared with 6.18 sen.