KUALA LUMPUR: Pekat Group Bhd's net profit surged 125.3 per cent to RM2.25 million in the third quarter (Q3) ended Sept 30, 2022 from RM1 million in the same period last year.
This was on the back of higher revenue contribution from the solar, earthing and lightning protection (E&LP) and trading segments, Pekat said.
Its revenue rose 15.9 per cent to RM46.49 million from RM40.11 million a year ago.
Solar segment's revenue rose 9.9 per cent as Pekat saw higher execution of commercial and industrial solar projects, coupled with Solaroo Systems Sdn Bhd's contribution in the residential solar segment.
Revenue from the E&LP segment rose 35.6 per cent, supported by execution of a project in Kulim, Kedah for an industrial customer.
For the nine-month period, the company's net profit jumped 17.2 per cent to RM7.72 million from RM6.59 million. Revenue increased 10.2 per cent to RM134.2 million versus RM121.83 million last year.
Chief executive officer Chin Soo Mau said the company continued to be prudent in managing its gearing ratio.
It reduced its total borrowings to RM22.84 million, from RM27.77 million at the beginning of the year, to ease the gearing ratio from 0.24 to 0.20.
Pekat said its project activities continued to pick up in the second half of 2022, including the preliminary design and works of the 10MWac Large-Scale Solar (LSS) project at Batang Padang, Perak.
Its projects with Indah Water and Majlis Bandaraya Seberang Perai are also progressing well towards completion. "
"These projects are essential to the group to build its project references for future tender of LSS and state-linked projects."
"During the financial quarter ended September 30, 2022, Pekat secured new solar projects worth RM29.5 million and E&LP projects worth RM6.6 million to expand its outstanding order book to RM206.6 million," he said.
Chin said the outlook of the solar energy industry remained bright, as consumers seek to protect against future increases in energy costs, while the global solar PV panel supply chain headed towards stabilisation.