KUALA LUMPUR: Kinergy Advancement Berhad (KAB), a leader in sustainable energy solutions, continues its upward trajectory, highlighted by its record-breaking Profit After Tax (PAT) in FY2023, substantial orders nearing RM1 billion by the year’s end, and a doubling of its concession assets within just one year. With pending tenders totaling RM3 billion, KAB is poised for even greater growth in FY2024.
In FY2023, KAB achieved a pivotal milestone with the completion of its rebranding effort, unveiling a new name and logo that embody its steadfast commitment to sustainable energy solutions (SES). This strategic repositioning, initiated in 2018, underscores KAB’s dedication to SES, enhancing its profile and influence in the regional energy sector.
The SES division remains the primary engine of growth for KAB, encompassing Clean Energy Generation (CE), Renewable Energy Generation (RE), and Energy-Efficient (EE) solutions. With twenty-seven projects under management and expanding operations across Southeast Asia, including Thailand, Indonesia, and the Philippines, KAB is solidifying its presence in the region.
Of significant note is the increase in concession assets from six to fourteen as of December 31, 2023, encompassing a diverse range of energy solutions such as co-generation plants, waste heat recovery facilities, solar PV systems, a biogas plant, and a mini-hydro plant.
Dato’ Lai Keng Onn, Executive Deputy Chairman cum Group Managing Director of KAB, expressed confidence in the strategic shift towards SES, emphasizing its alignment with Malaysia’s National Energy Transition Roadmap and broader sustainability objectives.
FY2023 marked substantial gains for KAB, with FY2024 projected to witness further advancements, including the completion of the 52.0 MW gas engine power plant project at the Sipitang Oil & Gas Industrial Park, a joint venture with PETRONAS Gas Berhad. Additionally, strategic collaborations such as the MoU with LCS Holdings Co., Ltd for a 20.0 MW solar farm development in the Philippines and the proposed acquisition of shares in Tunjang Tenaga Sdn. Bhd. for a 9.6 MW hydro plant in Malaysia underscore KAB’s commitment to renewable energy and energy efficiency initiatives.
Financially, KAB’s performance in FY2023 demonstrated significant growth, with revenue reaching RM199.4 million, a 6.6% increase from the previous year, and a record-breaking Profit After Tax of RM27.6 million, marking an impressive 862.6% rise. With a robust order book nearing RM1 billion and pending tenders totaling RM3 billion, KAB’s focus on high-margin SES projects ensures continued profitability and sustainability.
