KPower posts strong cumulative 6-month revenue of RM147.13 million

KUALA LUMPUR 22 Feb. – KPower Berhad (formerly known as Kumpulan Powernet Berhad) recorded a 560% or RM76.43 million increase in its revenue to RM90.06 million for its Q2 FPE 31 December 2020.

At the same time, KPower also registered RM9.25 million in Profit After Tax (“PAT”), an increase of RM7.40 million or 399% as well as RM12.60 million in Profit Before Tax (“PBT”), another significant increase of RM10.17 million or 419%, for the same period.

The Group registered a significant growth in revenue of RM122.33 million or 493%, from RM24.80 million to RM147.13 million for the cumulative six months ended 31 December 2020. KPower also posted an increase of RM14.59 million or 521% in PAT to RM17.40 million as well as RM23.65 million in PBT, reflecting an increase of RM14.59 million or 521% for the same period.

The Group’s mainstay, the Construction Related Activities segment remains its largest revenue contributor in Q2 FPE 31 December 2020 with RM85.79 million or approximately 95% of its total revenue. This was due to Engineering, Procurement, Construction and Commissioning (EPCC) works in Laos and Malaysia on top of other construction related activities in Malaysia.

Its second largest contributor to the total revenue, the Property Development and Investment sector recorded RM3.95 million which was derived based on the progress of the completion during the period of the units sold.

As the world, including Malaysia, continues to see the rise and ebb of the COVID-19 pandemic and by extension, the COVID-19 related challenges both locally and regionally, the Group remains upbeat on its prospects of meeting its RM2.0 billion orderbook target due to its approach, geographical presence and network in the Energy and Utilities segment.

Group Managing Director, Mustakim Mat Nun commented, “As the Energy and Utilities segment continues to be our main driver going forward, our venture into solar via our collaboration with Public Investment Bank Berhad will further boost our business within this segment.”

“The collaboration, our first foray into the solar segment, is to provide the financing and installation of solar photovoltaic (PV) systems to PIBB’s customers in relation to the net energy metering scheme (NEM). In the long run, we hope to leverage on our existing capabilities as a specialist in the renewable energy sector to provide value-added services to PIBB’s extensive clients.”

He further added, “Simultaneously, while we continue to focus on our core competency under the Energy and Utilities segment, we had recently begun to explore a new business segment namely the Healthcare and Technologies segment.

"Since we started in January 2021 with the 70% acquisition of Granulab (M) Sdn. Bhd., the segment has continued to see major milestones particularly in the supply of COVID-19 related products to the Indonesian market. To date, we have secured approximately RM72 million worth of contracts in this segment.”

KPower plans to further expand its geographical presence in the energy sector within ASEAN and South Asia while its Healthcare and Technologies as well as Logistics segments are expected to spur the Group’s growth in the near future. - DagangNews.com