Pekat Group posts lower 1Q net profit

Pekat Group chief executive officer Tai Yee Chee

KUALA LUMPUR: Pekat Group Bhd will be prudent in managing potential challenges such as increasing raw material prices and forex fluctuations to continue its steady momentum in the coming quarters, according to chief executive officer Tai Yee Chee.

He said the solar industry market remained vibrant as the government is steadfast and committed to driving the development of renewable energy in the country by introducing new renewable energy initiatives.

“As the government is looking at removing electricity subsidy for the T20 income group, we will see more electricity users considering hedging against the increasing tariffs. The higher quota provided by the government under various solar photovoltaic (PV) installation programmes is seeing an encouraging response,” Tai said in a statement.

“On top of the increased net-energy metering quota for both the commercial and industrial segment and the residential segment, the government is also allocating RM50mil for rooftop solar installations atop government buildings in 2H2023, as well as lifting the ban on renewable energy exports in the longer term,” he added.

Tai said Pekat is also exploring investment opportunities for the corporate green power programme that allocates up to 30 megawatts of renewable energy capacity per project.

The solar PV and earthing and lightning protection specialist posted a net profit of RM3.2mil, down 28% from RM4.4mil a year earlier.

Revenue for the period rose marginally to RM46.8mil from RM45.5mil last year. It reported earnings per share of 0.49 sen during the quarter from 0.68 sen previously.

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Pekat Group , solar PV , renewable energy


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