Pecca Group Bhd is looking to venture into new businesses and explore new markets to balance its revenue contribution from four of its business pillars.
PETALING JAYA: Pecca Group Bhd
remains confident as it heads into 2024, underlined by aggressive efforts to enter new markets and establish new businesses, as well as continuously increasing total industry volume.
Chief executive officer Foo Ken Nee said venturing into new businesses and new markets is one of the four key pillars of the group, opening doors for Pecca to penetrate into other markets.
The automotive upholstery maker is said to be open to forming partnerships with the electric vehicle (EV) industry as well.
“We are currently in discussions with a potential business partner,” he told the media at a press conference after Pecca’s AGM yesterday.
“We are actively talking to a couple of EV car manufacturers in terms of representing and getting distributions here in Malaysia,” he said.
For its first quarter ended Sept 30, 2023, Pecca’s net profit rose to RM13mil from RM8.35mil in the previous corresponding period, while revenue grew to RM64mil from RM54.86mil a year earlier.
Basic earnings per share stood at 1.73 sen compared with 1.11 sen a year earlier.
Foo stated Pecca’s aim is to go beyond just managing upholstery as it has done in the past 20 to 30 years.
It has entered into a memorandum of understanding with the Malaysia Automotive Robotics and IoT Institute to collaborate on EV parts, component technology and market expansion of the products.
