Kelington Group Berhad registered an all-time record high quarterly revenue of RM366.4 million in 3Q2022, an increase of 244.5% from RM106.4 million in the preceding year’s corresponding quarter. Net profit rose 97.3% to RM15.7 million as compared to RM8 million previously.
Gross profit margin during the quarter however was lower at 11.1% versus 19.2% in 3Q2021 due to the change in revenue mix driven by higher contribution from the General Contracting segment.
In terms of business segment, the Ultra High Purity (“UHP”) division remained the primary revenue contributor, representing 56% of total revenue to the Group in 3Q2022. This was followed by the General Contracting segment which contributed 33% and Process Engineering segment at 4%.
The Industrial Gases division continued its upward performance in 3Q2022 with higher production output as the Group successfully penetrated a new geographical region namely Oceania countries for the sale of liquid carbon dioxide (“LCO2”). As a result, revenue increased almost three-fold to RM20.5 million, as compared to RM7.5 million in 3Q2021. This represented 6% of the Group’s total revenue.
For the cumulative nine-month period, revenue and net profit in 9M2022 soared to a new record high of RM852.1 million and RM37.6 million respectively. Revenue from the Malaysia operations recorded the highest growth, and rose 239.0% to RM399.1 million, on the back of higher contributions from UHP division and the General Contracting segment.
As of September 2022, the group had clinched new contracts amounting to RM1.4 billion including projects carried forward from the previous year, total orderbook stands at RM2.4 billion, of which RM1.6 billion remains outstanding.
The Group’s prospects in the Industrial Gases division remain positive as demand for LCO2 increases in tandem with the recovery in economic activities.
