KUALA LUMPUR (May 29): Genetec Technology Bhd, whose profit jumped 63.09% year-on-year for the quarter ended March 31, 2024 (4QFY2024), expects continued strong earnings amid increasing demand for its automation and energy storage solutions.

"Securing recurring orders in the electric vehicle and energy storage segments are expected to anchor Genetec’s earning prospects in the coming quarters. Expectations are that revenue will be further complemented by potential opportunities in the new and other product divisions of the existing customers," the group said in a bourse filing.

The group’s net profit rose to RM16.84 million for the January-March quarter from RM10.33 million a year earlier, on higher margin in product mix.

Earnings per share rose to 2.21 sen from 1.5 sen previously.

Quarterly revenue increased 7.47% to RM70.47 million from RM65.57 million a year ago.

“Genetec’s performance demonstrates a healthy momentum predominantly supported by its EV and energy storage segments, which are expected to remain primary contributors to the group’s revenue in the coming quarters,” the group said. 

For the full financial year, the group recorded a net profit of RM75.97 million, up 14.01% from RM66.63 million in the previous year, while revenue was flat at RM295.52 million against RM294.59 million previously.

Genetec in November 2023 changed its financial year end from March 31 to June 30. 

No dividend was declared for the quarter under review.

Genetec’s share price closed down five sen or 2.2% at RM2.18 on Tuesday, bringing the group a market capitalisation of RM1.69 billion.