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Tuesday, 29 November 2022, 17:00 HKT/SGT

Source: Genetec Technology Bhd
Genetec's Q2FY2023 Performance Remains on Track
Consistent performance with steady growth in the EV, energy storage and hard disk drive segments
Key Financial Performance Highlights for Q2FY2023:
- Strong YoY performance, reflecting double digit growth across all key indicators, higher margins
- Contributions from key segments marginally impacted due to deferment of RM5 million hard disk client project but has been delivered
- QoQ PBT surged to RM28.0 million, rising by 44.3% compared to preceding quarter
- PAT at RM25.7 million, up by 57.7%, due to normalising cost of raw materials, continued disciplined cost management and operational efficiency

BANGI, Malaysia, Nov 29, 2022 - (ACN Newswire) - Technology leader in providing fully customised, intelligent manufacturing automation solutions, Genetec Technology Berhad announced their quarterly performance to date for their second financial quarter for the financial year ended 31 March 2023 (Q2FY2023). The Company recorded a surge in its profit after tax (PAT) of RM25.7 million representing a 57.7% jump compared to RM16.3 million registered for the corresponding quarter of the preceding year due to higher revenue and managed cost.

Genetec registered RM28.0 million in profit before tax (PBT) for the quarter under review, which is 59.1% higher than the PBT of RM17.6 million recorded for Q2FY2022 while revenue of RM70.7 million is 19.2% higher than the RM59.3 million posted in Q2FY2022. Earnings per share stood at 3.59 sen (fully diluted) in the same quarter compared to EPS of 2.33 sen in the corresponding quarter.

Genetec highlighted, "On the macro level, 2022 continues to be an exciting year. We have been building on our momentum and diversifying our portfolio in electric vehicle (EV) and energy storage segments. These efforts are yielding results which will come through in the coming quarters. All segments in our portfolio continue to grow with segment contributions remaining consistent with the preceding quarter. Genetec remains focused to build on and deepen our share-of-wallet with existing clients. Efficiency, quality and flexibility continue to be key whilst we actively participate in new bids to expand our client list. With the additional 100,000 square feet (sf) floor space, we are adding capacity to cater to our growing pipeline."

Their recent exclusive collaboration with diversified infrastructure and energy conglomerate, Citaglobal Berhad will see Genetec supplying end-to-end battery energy storage management systems (BESS) solutions to designated project sites in different states across Malaysia over a multi-year period. The Company's role covers research and development, design and build and on-site installation and maintenance.

"Looking ahead, the world's efforts to halve its carbon footprint by 2030 and achieve its net zero carbon target by 2050 will drive energy convergence and investments in renewable energy (RE) technology. New energy storage capacity is expected to be added globally between 2022 and 2030 as companies and countries transition towards clean or RE. Expectations are for RE to provide 65% of the world's total electricity supply by 2030, with a massive 90% decarbonisation of the power sector by 2050[1]. By the end of the decade, United States and China are expected to continue to be the two biggest markets, accounting for more than half of all RE storage installations worldwide[2]. On the EV sector, we will continue to expand our performance and increase our capacity to achieve new heights", highlighted Genetec.

About Genetec Technology Berhad

Genetec Technology Berhad 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.

[1] Source: Energy Outlook 2023, United Nations https://www.un.org/en/climatechange/raising-ambition/renewable-energy
[2] Source: Global Energy Storage Market to Grow 15-Fold by 2030. https://tinyurl.com/mw6tzuk6

Topic: Press release summary
Source: Genetec Technology Bhd

Sectors: Daily Finance, Daily News, Local Biz, Manufacturing
From the Asia Corporate News Network

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