Genetec posts surge in 3Q net profit to RM18.28mil

KUALA LUMPUR: Genetec Technology Bhd posted a significantly higher net profit of RM18.28mil in the third financial quarter ended Dec 31, 2021, compared to a net profit of RM889,000 in the previous corresponding quarter.

Revenue for the quarter under review doubled to RM65.26mil compared to RM32.91mil in the year-ago quarter

Earnings per share rose to 35.83 sen from RM2.06 sen a year earlier.

"The Group, riding on the previous waves of high achieving results, continues to deliver unprecedented revenue and financial results, derived mainly from the Electric Vehicle (EV) sector.

"This secular growth trend is attributed to the Group’s strong ability to cooperate with various major customers within the sector as well as the roaring market demand for EV," said the gorup in a bourse filing.

It added it is set to consistently upgrade its infrastructure and upgrade the technical expertise of its personnel to provide well equipped business support to its existing and potential customers.

At 12.30pm, shares in Genetec last traded nine sen or 3.52% higher at RM2.65 a unit on the back of 2.92 million shares exchanging hands.
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