Pekat Group chief executive officer Tai Yee Chee
KUALA LUMPUR: Pekat Group Bhd
's profit after tax (PAT) surged 34.18% to RM4.66mil in the second quarter ended June 30 (2Q24), up from RM3.47mil in the same period last year. This marks Pekat’s highest quarterly profit since 4Q21.
The solar photovoltaic (PV) and earthing and lightning protection (ELP) specialist said the profit on bigger revenue contributions from higher margin divisions, namely ELP division on higher project execution rates and trading division.
Revenue, however, declined to RM56.6mil compared with RM59.4mil last year while earnings per share (EPS) improved to 0.72 sen per share from 0.54 sen per share a year ago.
For the six months ended June 30 (1H24), Pekat’s net profit rose 26.81% year-on-year to RM8.46mil from RM6.67mil in 1H23 while revenue rose to RM114.2mil from RM106.3mil last year.
“Following Pekat’s latest ELP project win in August for a data centre facility, we remain confident on the division’s prospects and will continue to pursue order book growth in this sector.
“The higher contribution from ELP and trading divisions further reflects the group’s resilience in addressing cyclicality across our operating segments,” chief executive officer Tai Yee Chee said in a statement.
In the solar PV segment, Pekat is set to execute its 29.99MWac solar PV power plant under the Corporate Green Power Programme (CGPP) and explore opportunities in the recently announced 2,000MW fifth large-scale solar award.
“Both large-scale and rooftop solar markets remain vibrant with more project roll-outs ahead, as well as continuous supportive policies such as rebates for domestic customers that will support demand in the foreseeable future.
“Pekat will continuously replenish our order book in the prevailing market conditions, while managing operational efficiency to remain competitive,” Tai said.
