Kelington Group Berhad reported its second quarter recording revenue of RM424.9 million, an increase of RM112.5 million or 36% year-on-year from RM312.4 million in the preceding year’s corresponding quarter.
On the back of strong revenue performance, the Group’s profit attributable to shareholders rose 40% YoY to RM19.1 million in the quarter under review, as compared to RM13.6 million in 2Q2022. This is the highest quarterly net profit ever achieved in the Group’s history.
The group attributed the rise in the top and bottom-line performance to significant growth from all major operating markets. Revenue from Singapore, China, and Malaysia surged 57%, 51%, and 12% YoY respectively in 2Q2023. This was mainly due to higher revenue recognition from ongoing projects.
Its first-half performance has also soared to new heights with revenue and net profit achieving an all-time high of RM733.8 million, up 51% and RM35.3 million, up 61% respectively.
In terms of business segments, the Ultra High Purity division remained the primary revenue contributor, accounting for 64% of the Group’s total revenue in 1H2023. As compared to the previous year’s corresponding period, revenue from UHP division increased 55% to RM471.3 million in 1H2023, driven by higher project recognition in Malaysia, Singapore, and China. The Processing Engineering division contributed revenue of RM61.3 million which represents a 161% YoY increase, underpinned by a large project in Malaysia.
The Industrial Gases division continued its upward performance in 1H2023 as revenue jumped 146% YoY to RM52.9 million, on the back of increased sales of liquid carbon dioxide and other gases.
The Group has proposed the payment of first interim tax-exempt dividend of 1.5 sen per ordinary share in respect of the FYE 31 December 2023 amounting to RM9,705,347.
