PETALING JAYA: Kinergy Advancement Bhd (KAB) (Formerly known as Kejuruteraan Asastera Bhd) remains committed in providing businesses with sustainable, green and clean energy engineering solutions for businesses regionally.
For the second quarter ended June 30, 2023 (2Q23), the one-stop energy and engineering solutions provider’s revenue rose by 5.7% year-on-year (y-o-y) to RM45.1mil, underpinned by higher contribution from sustainable energy solutions (SES) projects.
Net profit surged by 417.3% y-o-y to RM3.4mil from 648,000 in 2Q22 or earnings per share of 0.19 sen due to the SES project achieving partial completion for the current project.
In a filing with Bursa Malaysia, KAB stated revenue in its SES segment saw a 84% increase y-o-y to RM7.65mil in 2Q23, largely attributed to the better tariffs on the SES segment assets.
Going forward, the group stated it will continue to focus on its expansion plans which include expanding its customer base in the energy sector, exploring the telecommunication infrastructure industry, replenishing its order book and venturing into neighbouring Asean countries.