Genetec Technology Bhd (“Genetec”) announced strong consecutive annual performance to date for the financial year ended 31 March 2023 (“FY2023”).
The Company recorded RM74.7 million annual profit after tax (“PAT”) up 28.6%, an increase from RM58.1 million in the preceding year whilst profit after taxation and minority interests (“PATMI”) recorded RM73.4 million, higher by 30.1% compared to RM56.4 million in the previous year.
Annual revenue registered at RM307.4 million, up by 37.5% versus RM223.6 million for the year, driven by the electric vehicle (“EV”) and energy storage segments. Correspondingly, earnings per share (“EPS”) (fully diluted) stood at 10.15 sen for the year, up by 28.5% from 7.9 sen.
For the fourth quarter year ended 31 March 2023 (“Q4FY2023”), Genetec’s PAT stood at RM17.9 million, an increase of 27.9% compared to RM14.0 million in the corresponding quarter due to disciplined cost management.
PATMI recorded RM17.1 million, higher by 25.7% compared to RM13.6 million in the corresponding quarter for FY2022 (Q4FY2022). Year on year (“YoY”) revenue stood at RM78.4 million, up by 33.6% versus RM58.7 million for the corresponding quarter.
Compared to the preceding quarter, Genetec’s Q4FY2023 recorded PAT of RM17.9 million, an increase of 43.2% compared to RM12.5 million posted in the preceding quarter.
PATMI for Q4FY2023 surged to RM17.1 million, an increase by 33.6% compared to RM12.8 million in the preceding quarter while revenue stood at RM78.4 million, representing a -7.9% compared to RM85.1 million of the preceding quarter.
Genetec CFO Tan Kon Hoan said the EV and energy storage remains their key revenue contributor, followed by the hard disk drive segment.
Genetec Managing Director Chin Kem Weng said, “FY23 was another challenging year for business due to macroeconomic headwinds such as supply chain challenges and currency volatility in a rising interest rate environment.”
“Product development and innovation is also key to allow us to capitalise on rising themes in the renewable energy (“RE”) and EV space, such as the introduction of MYBESS. Genetec has invested in the facility and infrastructure to be ready to scale our delivery to meet with customer orders and potential competition. We look forward to an exciting year ahead and the new opportunities in the RE industry locally and internationally, as well as exploring new opportunities in neighbouring ASEAN countries and becoming the pioneer of this space,” he said.
