BANGI, Malaysia, Aug 29, 2022 - (JCN Newswire) - Technology leader in providing fully customised, intelligent manufacturing automation solutions, Genetec Technology Berhad continued its performance momentum into the new financial year, recording a surge in profit after tax (PAT) of RM18.6 million representing a 126.8% jump compared to RM8.2 million registered for the corresponding quarter of the preceding financial year (Q1FY2022).
Genetec's recorded a profit before tax (PBT) of RM19.4 million higher by 31.1% compared to RM14.8 million posted in the preceding quarter of 2022 (Q4FY2022), contributed by higher revenue from the e-mobility, electric vehicle (EV) & energy storage (RM60.9 million up 25.8%) and hard disk drive (HDD) segments (RM12.2 million up 20.8%) respectively.
PAT was boosted on the back of strong revenue growth momentum for the quarter at RM73.2 million, an increase of 81.6% from RM40.3 million for the corresponding quarter (QoQ) and up 24.7% from RM58.7 million for the preceding quarter (Q4FY2022). Earnings per share stood at 2.68 sen (fully diluted) in Q1FY2023 compared to 1.18 sen QoQ. Gearing ratio dropped from 0.41 to 0.34 times from the preceding quarter, whilst cash and cash equivalents remains healthy, providing the Company with stretch room to execute its growth activities and plans ahead of the fresh orders and industry demand growth.
Genetec commented, "The momentum in the EV and energy storage continues to grow, driven by consumer demand and supportive policies as the world pivots towards renewables in the race to combat climate change. Global sales of EV have doubled up in 2021. The total number of EVs have grown steadily in 2022, with with 2 million sold in the first quarter, up 75% from the same period in 2021[1]. This shift to electric heralds the beginning of a new ecosystem which Genetec is part of. In addition to vehicles, countries and companies will need to roll out the charging and servicing ecosystem to support this new generation of transport vehicles. In tandem with global digitalisation, the needs for the building blocks such as energy and data storage will continue to rise. This is where Genetec is strong and we will continue to improve on our offerings through research and development whilst deepening our share of market in the e-mobility, energy storage and HDD segments. Meanwhile, we remain vigilant of the macroeconomic headwinds and supply chain challenges and will continue to adopt a prudent stance in our cost and financial management."
Genetec's also highlighted that its land acquisition from Utusan Melayu (Malaysia) Berhad (UMMB) in Bandar Baru Bangi, comprising a parcel of land of 6.348 hectares or 683,293 square feet (sq ft) and the buildings within the said area, is on track with the targeted completion set for the second quarter ended 30 September 2023 (Q2FY2024) and will focus their attention on deepening their business relationships with clients and suppliers, talent building and retention ahead heightened competition and macro headwinds globally.
[1] Source: Global EV Outlook 2022 https://tinyurl.com/GlobalElectricVehicle-Outlook
About Genetec Technology Berhad
Genetec Technology Berhad ('Genetec' or 'the Group') is a technology leader in providing customised full turnkey smart factory automation manufacturing lines. It is a public company listed on the ACE Market of Bursa Malaysia Securities Berhad (Stock code: 0104) since 2005. Its principal business focus is in the provision of high-quality, responsive and cost-effective designs, as well as the manufacturing of automated industrial systems, equipment and value-added services for our global customers in the Electric Vehicle (EV), Automotive, Hard Disk Drive (HDD), Consumer Goods and Healthcare sectors. For more information on Genetec, please visit www.genetec.net.
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