[GENETEC] QoQ Quarter Result on 2022-03-31 [#4]

Result Review

The Group recorded a net profit before tax of RM14.8 million for the current quarter under review as compared to a net loss before tax of RM6. 6 million recorded in the corresponding quarter ended 31 March 2021. The turnaround was mainly due to higher sales volume, operational efficiency and margin improvement in product mix coupled with the absence of one-off expense of RM2.8 million incurred in the corresponding qua rter in respect of share-based payment arising from the granting of share options to eligible Directors and employees

Going forwards...

For the year under review, the Group delivered extraordinary results which was primarily driven by strong order books from the Electric Vehicle (EV) and Energy Storage segments. The growth momentum of these segments has never been st ronger. In order to cope with the massive orders, ensuring productio n capacity and stability of material supply became priority of the
Group.

Currently, the utilisation of our production capacities is high and we are expanding them step by step to achieve greater economies of scale and production efficiencies. The Group has also gradually increased the number of employees within the assembly lines in light of the level of market demand. Our Group’s competitive advantages are deep commitment from our highly talented team and sustainable innovation which has enabled the Group to compete with worldwide competitors hence further expanding its market share.

Given that the current global landscape is focusing on energy savings, reduced emissions and low-carbon footprints, renewable energy vehicl es such as EV will continue to become a key player within the ecosystem. On top of that, supportive government policies established by many countries around the world including USA have also facilitated fast development of the EV market.

The Group also continues to take initiatives from time to time to explore business opportunities and cooperate with existing key customers to pursue new business developments with the view to expand the business of the Group beyond its existing dimension.

Moving forward, we expect that there will be more order replenishment from our existing key customers. With our relentless focus on innovation coupled with current business momentum, we are confident that 2023 will be another outstanding year with exciting opportunities ahead

  GT Group Conso_Q4 2022.pdf