George Kent (Malaysia) Berhad’s (George Kent) profit after tax and before share of results of associates (PAT) dips by 15% of RM5.01 million for the second quarter of its financial year ending 31 March 2024 (Q2FY2024) compared to RM5.9 million last year.
This is at the back of RM37.7 million in revenue and a profit before tax and before share of results of associates (PBT) of RM5.64 million.
For the cumulative 6 months (1HFY2024) financial results, from April 2023 to September 2023, the group’s recorded PAT of RM10.47 million, with profit before tax (PBT) of RM11.56 million and revenue of RM69.71 million.
“The group’s core businesses maintain their positive momentum, with the Metering division being the primary contributor to the group’s revenue, underscoring the robustness of the metering business.
“The lower profit after tax is attributable to the group’s recognition of its share of results from operations and impairment of assets of an associate.
“Despite this, the group remains resilient and strategically focused on enhancing its core businesses, particularly in the thriving water metering business, which continues to exhibit strength and growth,” it said in a statement today (Nov 30).
To reward shareholders, the board of directors has declared an interim dividend of 0.75 sen per share for FY2024, payable on Jan 8, 2024 to shareholders whose names appear in the record of depositors on Dec 18, being the Book Closure Date (BCD).
On the assumption the Treasury Shares of 41,510,000 (which are not entitled to dividend) remained the same as at BCD, the dividend payout on 521,759,065 shares will amount to approximately RM3.91 million.
Its earnings’ main contributor, water metering, achieved revenue of RM34.97 million for Q2FY2024 and RM63.52 million for 1HFY2024.
“The water metering division is the main contributor to the group’s turnover with a segment profit of RM7.36 million. As of 30 September 2023, the group’s metering order book remains healthy at RM99.87 million.
“During this quarter, we secured its first overseas order for its proprietary Automated Meter Reading (AMR) meters, making it a pivotal entry into the international market and delivery of these meters is expected to be by the end of FY2024.”
Its chairman Tan Sri Datuk Tan Kay Hock said it is clear that the economic landscape remains dynamic and challenging.
“Despite the uncertainties, we have navigated through these conditions with resilience and strategic focus. We are optimistic about the outlook of our water metering division and we hope to secure more orders for our Class C and Class D water meters within the Asean region.
“Moving forward, we remain resilient in adapting to economic shifts and technological advancements. Our continued investment in research and development will ensure that we stay ahead of the curve,” Tan added.
