PETALING JAYA: Kelington Group Bhd
(KGB) saw a 4% year-on-year (y-o-y) increase in its net profit for the third quarter ended Sept 30, 2024 (3Q24), despite a fall in revenue during the quarter.
Net profit rose to RM32.9mil, translating to earnings per share of 4.83 sen, underpinned by a strategic focus on revenue composition and a favourable project mix, along with contributions from the industrial gases division.
Revenue for the period fell by 24% y-o-y to RM307.3mil due to lower revenue contributions from Singapore and Malaysia, as several major projects in these areas had transitioned out of their accelerated phases and were approaching completion.
For the nine months ended Sept 30, 2024, KGB’s net profit registered a 26% y-o-y increase to RM84.4mil. Revenue for the same period, however, tumbled by 15% y-o-y to RM967.8mil. The group attributed the lower turnover to reduced revenue contributions from Singapore and Malaysia, as several major projects in these regions transitioned out of their accelerated phases and approached completion.
Additionally, KGB stated there is a timing gap between the completion of existing projects and the commencement of new projects.
KGB declared a third interim tax-exempt dividend of two sen per ordinary share which will be paid on Dec 23, 2024.
Going forward, the company said it is confident to deliver a “commendable” financial performance in FY24, underpinned by the execution of its existing order book across key markets and the continued momentum in its industrial gas business.
