Greatech Technology's 3Q net profit rises to RM47mil

KUALA LUMPUR: Greatech Technology Bhd's net profit rose to RM46.66 million in the third quarter ended Sept 30, 2023, (3Q 2023) from RM40.97 million a year earlier.

Its revenue grew by 43.33 per cent to RM224.82 million in 3Q 2023 from RM156.85 million in the prior year’s corresponding quarter, it said in a filing with Bursa Malaysia today.

The industrial automation solutions provider said the gain was mainly attributable to the higher revenue recognised from the production line system of the e-mobility, life science and solar industries.

As for the nine-month period (9M 2023), Greatech's net profit surged to RM112.82 million versus RM95.06 million in the same period last year, while revenue was 33.68 per cent higher at RM504.11 million from RM377.10 million previously.

Amid dynamic market landscapes, the group remained positive about the outlook of its market, which would be driven by technological change that shapes the sustainable future of mobility and energy globally.

It said the group needed to build capacity and invest in a talented workforce and resources to be ready for future ramp.

"Although this would place short-term pressure on profitability and financial results, it is important for the group to stay put to its long-term strategic plan.

"Our accelerated growth strategy via increasing customer intimacy continues to (contribute) to increasing order book. The group is confident of generating more orders in 2024, especially in the e-mobility and solar industry,” it said.

As of Nov 10, 2023, Greatech’s outstanding order book stood at about RM1.07 billion, which would likely last until the first half of 2025. - Bernama

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