KUALA LUMPUR (Feb 27): Genetec Technology Bhd, which recently completed its transition from the ACE Market to the Main Market of Bursa Malaysia, saw its net profit soar 82.5% to RM23.29 million for the three-month period ended Dec 31, 2023 from RM12.76 million in the corresponding quarter a year ago, mainly due to higher margin in its product mix.

Quarterly revenue, however, went down 9.7% to RM76.91 million, from RM85.15 million in the prior year, the contract manufacturer of automated industrial equipment said in a filing with Bursa Malaysia on Tuesday.

As a result, Genetec recorded a net profit of RM59.12 million for the nine-month period ended Dec 31, 2023, up 5% from RM56.31 million in the prior year's corresponding period, despite revenue dipping by 1.7% to RM225.05 million from RM229.02 million previously.

Genetec in November 2023 changed its financial year end from March 31 to June 30.  

Looking ahead, Genetec said its electric vehicle (EV) and energy storage segments are expected to remain significant contributors to the group’s revenue for the forthcoming quarters.

"The group’s efforts on the EV front continue its steady growth trajectory generated from the repeat orders, new business development activities and continued support from Genetec’s major customers," it said.

For its renewable energy (RE) business, Genetec said it continues to build on the pipeline and development work by actively exploring business opportunities for its Battery Energy Storage System (MYBESS).

"The group is capitalising on the strong demand for RE solutions from the government, power producers, large manufacturers as well as infrastructure developers as nations accelerate their energy transition towards renewables, in line with the National Energy Transition Roadmap (NETR) and New Industrial Master Plan (NIMP) 2030.

"Overall, the group is in a unique position to capture opportunities in the local, regional and global EV and RE industries," Genetec added.

The group's share price closed three sen or 1.39% higher at RM2.19 on Tuesday, bringing the group a market capitalisation of RM1.70 billion.