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.

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Pekat , ELP , solar , trading ,


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