Kelington Group Berhad announced its first quarter ended 31 March 2024 with net profit rising 53.3% to RM24.8 million from RM16.2 million in the prior year. Concurrently, the Group’s revenue climbed 10% to RM339.3 million, compared to RM308.9 million in 1Q2023.
The group said growth in top and bottom-line performance was attributed to the significant growth in revenue contribution across key operating markets, notably Malaysia (+6%) and China (+129%), accounting for 45% and 31% of total revenue in 1Q2024 respectively.
In terms of business segments, the Ultra High Purity division remained the primary revenue contributor, accounting for 61% of the Group’s total revenue in 1Q2024. Compared to the same quarter last year, UHP division revenue rose by 12% to RM205.5 million, driven by the awarding of several large UHP projects in the second half of 2023. Meanwhile, revenue from the Process Engineering division stood at RM21.4 million, which made up 6% of Kelington’s 1Q2024 total revenue.
The General Contracting division contributed revenue of RM78.4 million which represents a 21% year-on-year increase, underpinned by increased project recognition and a project undertaken in Kuching. The Industrial Gases division continued its upward performance in 1Q2024 as revenue jumped 47% YoY to RM35.9 million, driven by elevated demand for liquid carbon dioxide from Oceania countries.
