GENETEC 0104 GENETEC TECHNOLOGY BERHAD 1Q earnings more than double on stronger sales

 GENETEC 0104 GENETEC TECHNOLOGY BERHAD 1Q earnings more than double on stronger sales

KUALA LUMPUR (Aug 29): ACE Market-listed industrial automation house Genetec Technology Bhd’s net profit more than doubled to RM18.5 million for the first quarter ended June 30, 2022 (1QFY23), up from the RM8.2 million posted a year ago, thanks to higher operating income and continued operational efficiency.

Quarterly revenue rose 81.6% to RM73.2 million in 1QFY23 from RM40.3 million a year earlier, mainly attributed to stronger sales in the e-mobility, electric vehicle (EV) and energy storage, as well as hard disk drive (HDD) segments, the group's filing with Bursa Malaysia showed.

On prospects, Genetec said the momentum in EV and energy storage continues to grow, driven by consumer demand and supportive policies as the world pivots towards renewables in the race to combat climate change.

“Global sales of EV have doubled in 2021. The total number of EVs will grow steadily in 2022, with two million sold in the first quarter, up 75% from the same period in 2021. We will continue to improve on our offerings through research and development whilst deepening our share of the market in the e-mobility, energy storage and HDD segments,” Genetec said.

Meanwhile, Genetec said the group remains vigilant of the macroeconomic headwinds and supply chain challenges and will continue to adopt a prudent stance in its cost and financial management.

Shares of Genetec closed 5% or 13 sen lower at RM2.51 on Monday (Aug 29), giving it a market capitalisation of RM1.71 billion.

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