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Kinergy Advancement posts RM42.04mil in revenue for Q1 FY24

KUALA LUMPUR: Kinergy Advancement Bhd (KAB) posted a revenue of RM42.04 million for the first quarter (Q1) ended March 31, 2024 (FY2) compared to RM42.76 million posted in the same quarter last year.

The sustainable energy and engineering solutions provider continues demonstrating strong quarterly financial growth.

The company’s net profit for the quarter increased by 98.6 per cent to RM5.12 million in Q1 FY24 compared to RM2.58 million in the same quarter a year ago.

This growth underscores the effectiveness of KAB’s strategic focus on its sustainable energy segment (SES), which continues to drive the company’s financial and operational momentum.

With strong growth in Q1 FY24, KAB has catalysed a series of consecutive wins and sustained a trajectory of unstoppable growth, demonstrating its capabilities and competencies in leading the charge in sustainable energy solutions.

The SES segment, in particular, has shown exceptional performance, generating a revenue of RM19.86 million, more than tripled over the past year.

This significant increase can be attributed to the contributions from new projects and acquisitions.

The SES segment generated an operating profit of RM5.94 million, significantly higher than RM2.68 million last year.

This highlights the strong profitability and bright future of KAB’s skills in creating renewable and sustainable energy projects.

Executive deputy chairman and group managing director Datuk Lai Keng Onn said KAB’s consistent progress in embracing its promising business transformation as the first-quarter result for the year is released.

“Our alignment with strategic directions and seamless integration of our unique energy solutions ecosystem into our business model has been particularly notable.

“The SES segment leads in significant revenue contribution, showcasing the segment’s potential to support national decarbonisation efforts and enterprises’ benefit from sustainable energy conservation alternatives,” he said in a statement.

He added that the SES business has significantly contributed to the new record high in earnings, reflecting the company’s upward trajectory since expanding into the SES business segment.

Looking ahead, KAB remains cautiously optimistic about its future prospects, which are predominantly driven by the SES business segment.

KAB highlighted the success of its profitable projects and new ventures in this sector, showing strong earnings growth in the SES segment in Q1 FY24, driven by the development of a sustainable energy ecosystem.

“Our strategic focus on the energy segment with clean energy (CE), renewable energy (RE) and energy efficient (EE) solutions continues to align with expanding recognition of our technical capabilities. This prominent recognition fuels our optimism for a positive outlook in FY24.

“We are strategically positioned to meet and exceed our clients’ evolving energy needs. Our innovative solutions stand out, offering significant growth potential and the capability to help clients transition their operational processes with sustainable and innovative energy solutions,” Lai said.

KAB continues expanding its SES offerings, focusing on CE, RE and EE, including Southeast Asia’s solar, biogas, and hydroelectric power projects.

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