Pekat records net profit growth to RM3.78mil in 1Q


Pekat Group chief executive officer Tai Yee Chee

KUALA LUMPUR: After achieving record-breaking revenue in FY23, Pekat Group Bhd is working towards improving its operations, replenishing its order book, and growing its market share, said CEO Tai Yee Chee.

"Backed by a strong balance sheet and net cash flow position for future growth effort; the company is optimistic over the multiple new projects and quota allocations announced in the recent months," he said in a statement.

In the first quarter ended march 31, 2024, the group registered a net profit of RM3.78mil, which was higher than RM3.16mil in the year-ago quarter, bringing earnings per share higher to 0.59 sen from 0.49 sen previously.

The group reported revenue of RM57.63mil, up from RM46.82mil in the previous corresponding quarter, led by 23.2% growth from its biggest contributor, the solar PV segment.

Trading segment revenue rose 38% year-on-year, while the ELP segment contribution rose 7.2%, it said.

Moving forward, Pekat is confident of its ability to contribute positively to the upcoming fifth large-scale solar (LSS5) project with 3GW quota despite more competitive market conditions.

The company’s ELP and trading segments, meanwhile, are benefitting from the growth in Malaysia’s data centre industry.

"The infrastructure, crucial for the national and global digitalisation movement, is enjoying fast-track approvals to spur foreign direct investments,” Tai said, adding that Pekat is bullish on the sector.

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

Pekat , ELP , solar , trading ,

   

Next In Business News

CelcomDigi ready to complete share subscription agreement with MoF Inc and DNB
Press Metal unit to acquire Hong Kong firm stake via share swap
U Mobile ready to build second 5G network upon completion of SSA process with DNB
FSBM Holdings out of PN17
Ringgit retreats to end marginally lower against US$
WCT unit bags expressway lane expansion contract worth RM249.74mil
Fire incident at Hextar Healthcare's Bercham factory
SIDC launches new certification programme in sustainable responsible investment
Hengyuan announces unplanned shutdown of LRCCU unit
Exim Bank, ICBC Malaysia ink MoU to jointly promote use of Chinese yuan

Others Also Read