George Kent today announced the financial results for the first quarter of its financial year ending 31 March 2023 (Q1FY23).
For Q1FY23, the group registered revenue of RM86.3 million, 41% higher as compared to Q1FY22. The better revenue recorded was due to higher revenue generated from the water metering business and increased construction activities from the engineering division.
Additionally, the Group recorded PBT and PAT of RM11.9 million and RM9.6 million respectively.
The Metering Division registered RM37.0 million in revenue, higher by 13% as compared to the corresponding quarter in the previous year due to better sales performance. The division also recorded a segment profit of RM10.7 million. Moreover, the Group’s order book for its water meters remains healthy boosted by several successful tenders amounting to RM15.3
million. Meanwhile, the Group has received positive feedback on its new Class ‘D’ Volumetric water meter through targeted promotions in both the domestic and regional markets.
The Engineering Division recorded RM49.2 million in revenue, 41% higher as compared to the corresponding quarter in the previous year. The higher top-line performance was mainly attributed to revenue recognised from the completion of the Institut Endokrin Hospital Putrajaya project as well as higher revenue recognition for the design and construction of a glove manufacturing plant in Lumut Industrial Park, Perak owned by Dynacare Sdn Bhd. George Kent undertook the works including civil and structural building works, mechanical and electrical works, and the construction of utility connections such as electricity, gas, and water supply, as well as wastewater treatment and water recycling facilities.
“Our Metering and Engineering Divisions have performed well this quarter and have certainly set the tone on our performance for the rest of the year. Despite the challenging business environment since the outbreak of the pandemic, George Kent has consistently recorded steady profit attributable to the good sales performance from its Metering Division. As for our Engineering segment, we have submitted multiple tenders and hopeful that we are able to increase our order book numbers,” Chairman Tan Sri Dato’ Tan Kay Hock said
