[GEORGE KENT MALAYSIA BHD：水表部门销售和毛利率下降]
该集团继续执行丹戎卡朗医院和恩多克林布城医院。该小组正在为LRT2项目完成一些variation orders的工作。它也继续执行LRT3项目，该项目的合约由其合资公司MRCB George Kent Sdn Bhd于2019年1月25日以114亿令吉签署。于回顾年度内，土建工程的进度有所减慢。在未来几个月中，进展将会加快。
James Ng Stock Pick Performance:
Since Recommended Return:
a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM2.56 (dividend RM0.04) in 1 year 10 months 7 days, total return is 263.6%
b) TOPGLOV (TOP GLOVE CORP BHD), recommended on 1 July 18, initial price was RM12.14, rose to RM30.80 (adjusted)(dividend RM0.32) in 1 Year 11 months 18 days, total return is 156.3%
c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM3.80 (adjusted)(dividend RM0.055) in 1 Year 17 days, total return is 130.8%
d) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.67 (dividend RM0.04) in 1 year 11 months 18 days, total return is 115.1%
e) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.91 in 1 year 4 months 30 days, total return is 58.3%
f) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.26 (dividend RM0.188) in 1 Year 8 months 12 days, total return is 54%
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[GEORGE KENT MALAYSIA BHD: Metering segment lower sales and gross profit margin]
Segment profit of RM12.58 million for the current quarter ended 31 January 2020 was 69% lower as compared to RM40.30 million for the corresponding quarter in 2019.
Segment profit of RM54.86 million for the year ended 31 January 2020 was 52% lower as compared to RM115.40 million for the year ended 31 January 2019 due to lower revenue and gross profit margin.
Segment profit of RM5.88 million for the current quarter ended 31 January 2020 was slightly higher as compared to RM5.60 million for the corresponding quarter in 2019.
Segment profit of RM21.17 million for the year ended 31 January 2020 was 25% lower as compared to RM28.38 million for the corresponding period in 2019 mainly due to the lower sales and gross profit margin.
The Group's current quarter profit before tax of RM10.36 million (31 January 2019: RM37.58 million) was 72% lower.
The Group's profit before tax for the year ended 31 January 2020 of RM56.68 million (31 January 2019: RM127.83 million) was 56% lower.
The profit before taxation for the current quarter ended 31 January 2020 is 18% lower than the preceding quarter mainly arose from unrealised loss on foreign exchange on foreign currencies held.
The Metering Business continued to be resilient. In spite of the retiming of some export orders, revenue for sales to local authorities in Peninsular Malaysia rose from the previous year. The Group received on 19 April 2020 the Ministry of International Trade and Industry’s approval to resume its manufacturing activities during the MCO under strict labour movement conditions. This enabled the Group to reactivate its production line on 20 April 2020, albeit on a limited scale. Subsequently, the Government announced that companies in the approved economic sectors are permitted to operate with full work force capacity and without limitation in operating time effective 29 April 2020, again under strict labour movement conditions.
Going forward, the Group will continue to exercise prudence in its business dealings, improving the Group's financial and operational efficiency and drastically reducing costs. Whilst the Group expects some disruptions to its performance, the Group is cautiously optimistic of its prospects.
In line with the Group's strategy to become a one-stop purveyor of water meters, the Group is working with partners to offer water meters that complement its existing range, such as static meters and products in other classes. The long-term license agreement with Honeywell, signed by the Group in June 2019, enables the production of precision measuring components to be assembled with the brass housings the Group already manufactures. This will provide the Group with better control of production levels and costs. Production in stages is commencing. The Group's Smart Metering solution is being implemented through proof-of-concepts and pilot projects with state water authorities. Commercialisation of this solution will be a key growth driver in the coming years.
The Group continued to execute Hospital Tanjung Karang and Hospital Endokrin Putrajaya. The Group is concluding work on some variation orders for the LRT2 project. It is also continuing to execute the LRT3 project, the contract for which was signed by its joint-venture company MRCB George Kent Sdn Bhd on 25 January 2019 for RM11.4 billion. Civil construction works were undertaken albeit at a reduced pace in the year under review. Progress should pick up in the coming months.
The Group will further accelerate growth by substantially increasing its investments in rail and water-related projects through M&As and strategic partnerships. It continues to develop new opportunities in the Regional railway space, leveraging on its expertise as Rail Systems Integrator in domestic railway projects and its established network with global rail specialists. In addition, the Group’s successful completion of over 30 water infrastructure projects in the last 27 years underscores its project management expertise and dedication to quality. This track record will give the Group a leg-up in pursuing water infrastructure opportunities arising from the national drive to reduce non-revenue water.
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