KUALA LUMPUR: Pekat Group Bhd
, which posted its best annual performance since listing in the financial year ended Dec 31, 2023 (FY23) is cautiously optimistic that its performance will remain satisfactory in FY24.
“Looking ahead, Pekat is well-positioned to improve its operational efficiency and grow its order book. Barring any unforeseen circumstances, we are cautiously optimistic that the company’s performance will remain satisfactory for FY24,” chief executive officer Tai Yee Chee said in a statement.
In the fourth quarter ended Dec 31, 2023 (4Q23), the solar photovoltaic (PV) and earthing and lightning protection (ELP) specialist posted a higher net profit of RM3.5mil, or earnings per share of 0.54 sen against RM2.3mil, or 0.36 sen previously.
Revenue for the quarter surged 30% to RM58.4mil from RM45mil last year.
For FY23, Pekat posted its best-ever revenue of RM227.6mil, up 27.0% from RM179.2mil a year ago, mainly driven by higher project revenue recorded in the solar PV segment.
The company’s record revenue performance also translated into a stellar net profit of RM13.7mil in FY23, an increase of 36.8% from RM10mil in FY22.
As of Dec 31, Pekat’s cash position stood at RM18.9mil and recorded a positive cash flow of RM21.5mil from operating activities in FY23.
Tai said the FY23 results was the highest annual performance recorded by Pekat since its listing on the ACE Market of Bursa Malaysia in June 2021.
“Since our listing, we are focusing on projects that give us better profit margins, while delivering end-to-end solutions that provide clients with peace of mind for their solar PV and ELP systems.
“In the solar PV segment, unlike large-scale solar projects with longer turnaround time, we focus on commercial and industrial and residential clients where projects are fast-tracked. This allows us the flexibility in managing costs, and to pass on some of the material costs to customers,” he added.
