PRG group executive vice chairman Datuk Lua Choon Hann
KUALA LUMPUR: PRG Holdings Bhd
expects its energy efficiency segment to be an important growth driver moving forward, according to executive vice chairman Datuk Lua Choon Hann.
“The diversification into the energy efficiency segment has started to contribute to earnings, and we foresee this to be an important growth driver moving forward.
“More and more businesses are seeing the value and cost savings in our energy efficiency offering due to regional governments push towards establishing sustainable and green economies,” Lua said in a statement.
He said the shift towards a green economy will have a significant positive impact on energy efficiency services moving forward.
“We will continue to work towards increasing our order books in the energy efficiency segment. With the property and manufacturing businesses stabilising while the energy efficiency business grows, the outlook for PRG is now looking significantly better.
“We continue to be on the lookout for new opportunities and are always mindful of creating more shareholder value,” Lua said.
In the first quarter ended March 31 (1Q23), PRG posted a marginally higher net profit of RM4.2mil against RM4.1mil in the same period last year.
Earnings per share rose to 0.97 sen versus 0.95 sen a year prior.
Revenue jumped 55.8% to RM92.7mil from RM59.5mil in the corresponding quarter last year.
PRG said the management’s strategic decision to venture into the energy efficiency business paid off as well as a higher revenue recognition resulting from higher sales and construction progress from ongoing projects contributed to the positive results in 1Q23.
The energy efficiency segment registered a revenue of RM37.4mil and pretax profit of RM4.5mil in 1Q23, generated from energy solution contracts and maintenance service contracts.
As of to-date, the segment experienced a strong order by securing multiple projects amounting to a total contract value of approximately RM20mil.
