Genetec anticipates increasing demand for its automation solutions

PETALING JAYA: Genetec Technology Bhd anticipates increasing demand for its automation and energy storage solutions, as customers continue to execute their production plans.

In a statement, the tech company said securing recurring orders in the electric vehicle (EV) and energy storage segments are expected to anchor Genetec’s earning prospects in the coming quarters.

“Expectations are that revenue will be further complemented by potential opportunities in the new and other product divisions of the existing customers.”

For the fourth quarter ended March 31, 2024, Genetec’s net profit improved to RM16.84mil from RM10.33mil

Revenue during the quarter rose to RM70.47mil from RM65.57mil a year earlier.

Genetec co-founder and managing director Chin Kem Weng said the company is actively looking to diversify its revenue sources to cater to different areas within automotive manufacturing.

“As our revenues normalise over time, we are focused on increasing cost efficiencies from recurring orders, whilst ensuring quality delivery across all our projects.”

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Genetec , electric vehicle


Next In Business News

Musk’s small-investor army cheers approval of US$56bil Tesla pay package
Luxury labels slash prices to attract wary shoppers
BHIC wins RM1bil govt job
Delay in rate cuts but bonds rally
PPB Group buys Techbond stake
MI Technovation prepares for chip recovery
Local furniture export outlook hinges on US housing market
Prabowo aims to raise Indonesia debt-to-GDP ratio toward 50%
Real estate prospects continue to perk up
Samling Timber Malaysia focuses on sustainability

Others Also Read