In the quarter ended Sept 30, 2022, the company’s profit after tax (PAT) rose to RM25.7 million, a 57.7% increase over the RM16.3 million recorded in the previous corresponding quarter.

In a statement issued to the media today, Genetec said its profit before tax (PBT) for the quarter rose 44.3% to RM28 million from RM17.6 million in Q2 2021. Revenue was up 19.2% to RM70.7 million from RM59.3 million previously.

The earnings per share for the quarter was 3.59 sen, up from 2.33 sen in the previous corresponding period.

Genetec said its efforts in diversifying its portfolio in electric vehicles and the energy storage segments would yield results in the coming quarters.

“Efficiency, quality and flexibility continue to be key while we actively participate in new bids to expand our client list,” it said.

It said an additional floor space of 100,000 sq ft would also enable it to add capacity to meet growing demand.

Genetec said its exclusive collaboration with Citaglobal Bhd, a diversified infrastructure and energy company, will see Genetec supply end-to-end battery energy storage management systems solutions to designated project sites across Malaysia over several years.

The company’s role covers research and development, design and build as well as on-site installation and maintenance.

It said global efforts to reduce carbon emissions will drive energy convergence and investments in renewable energy technology.

At the same time, it said, new energy storage capacity is expected to be added globally until 2030 as the world makes the transition towards clean energy.