QES Group today announced its financial results for the second quarter ended 30 June 2022 (Q2FYE22). For the quarter under review, the Group recorded a profit before tax (PBT) of RM6.3 million and profit after tax (PAT) of RM4.8 million, an increase of 15.3% and 24.3% respectively as compared to the corresponding quarter in the previous year (Q2FYE21).
The stronger earnings were due to better gross profit margin generated by both the manufacturing and distribution divisions. Revenue for Q2FYE22 clocked in at RM53.1 million.
For the six-month financial period ended 30 June 2022, QES registered a revenue and PBT of RM119.5 million and RM15.7 million respectively, a surge of 11.7% and 9.0% as compared to the corresponding period in 2021. The increase was mainly due to higher sales of products from both distribution and manufacturing divisions by RM11.4 million and RM1.2 million respectively.
The Group’s cash flow and balance sheet remained solid, with cash and cash equivalents at RM76.3 million. The gross gearing ratio remained healthy at 0.26 times.
“QES has worked hard to deliver a set of commendable results for the first half of 2022. We managed to brush the global geopolitical headwinds aside and focus on our growth. Although Malaysia remains the cornerstone for being the largest revenue contributing country, our presence in ASEAN is also picking up largely contributed by Singapore, Vietnam and Philippines for the first half of 2022,”QES Managing Director and President Chew Ne Weng said
“Moving forward, the Group is cautiously optimistic towards achieving healthy business growth in the second half of 2022. We are aware of the challenges ahead but are ready to take them on as we elevate QES to new heights. Barring any unforeseen circumstances, the Board expects the Group’s performance for FY2022 to be satisfactory at the back of a
healthy order book,” he added.
“Exciting times are ahead for us. On 1 June 2022, QES had proposed to undertake the transfer of the listing of and quotation for the entire issued share capital of QES from the ACE Market to the Main Market of Bursa Securities. We submitted the application for transfer to the Securities Commission on 7 July 2022 and are eagerly awaiting to share additional updates. I wish to thank the team and also our shareholders for riding through this journey with us,” he said.
