Kelington Group Berhad achieved impressive results for its full-year and Q4 financials, for FY22, profit attributable to shareholders of the company surged by 91% to RM55.4 million compared to RM29 million in the previous corresponding year while revenue more than doubled to RM1,269.5 million as compared to RM514.6 million in FY21.
The group said the remarkable growth was attributable to strong orders secured across the UHP and General Contracting divisions as well as an increase in demand in the Industrial Gases division.
During the quarter under review, the Group’s revenue increased by 136% to RM417.4 million, compared to RM177.0 million in the previous corresponding quarter (“4QFY21”). Correspondingly, the Group posted a quarterly high net profit of RM17.8 million in 4QFY22, which rose 120% against RM8.1 million in 4QFY21. These year-on-year improvements were driven by higher revenue recognition from Ultra High Purity projects awarded in Singapore, a contribution from a major general contracting job at Kuching, Malaysia as well as a UHP contract to undertake the bulk and specialty gas system in Kulim
As at 31 December 2022, although total borrowings increased to RM243.9 million as compared to RM56.5 million in the previous year, Kelington remains in a healthy net cash position, with total gross cash in hand of RM259.5 million exceeding total borrowings. The increase in drawdown of borrowings was mainly due to the financing for projects undertaken in Malaysia, Singapore and China.
