KPower 3Q net profit jumps five fold, driven by construction activities
KUALA LUMPUR (May 20): KPower Bhd said today its third quarter net profit jumped about five fold to RM14.15 million from RM2.67 million a year earlier, partly helped by a significant increase in the group’s construction-related activities.
In a filing with Bursa Malaysia today, KPower said revenue surged to RM137.66 million in the third quarter ended March 31, 2021 (3QFY21) from RM31.68 million.
"The increase in revenue was mainly due to site progress of existing projects, commencement of works in Indonesia and contributions from projects based on order basis in Malaysia and abroad,” said KPower, which also runs property, healthcare and logstics-related businesses.
For 9MFY21, the company said net profit grew to RM31.54 million from RM5.48 million a year earlier as revenue soared to RM284.79 million from RM56.48 million.
On a quarterly basis, KPower said it recorded a 94% increase in 3QFY21 revenue compared to the immediate preceding quarter (2QFY21) "mainly due to site progress of existing projects, commencement of works in Indonesia and contributions from projects based on order basis in Malaysia and abroad”.
At 3:03pm today, KPower’s share price was five sen or 3.09% higher at RM1.67, which brings the company’s market capitalisation to about RM743.72 million.
KPower has 445.34 million issued shares, according to its quarterly financial report.