SELANGOR, 24th August 2023 - Pekat Group Berhad (“Pekat” or the “Company”, Bursa: 0233, Bloomberg: PEKAT:MK) (“柏卡集团有限公司”), a trusted industry player, announced its strong financial performance for the second quarter of 2023 ("Q2").
Exceptional results for the first half of 2023 (1H 2023):
1. Revenue grew by 21.2% year-on-year (YoY) to RM106.3 million. This surge was primarily underpinned by project earnings from the ongoing large-scale solar ("LSS") initiative in Batang Padang, Perak. The LSS project, on track for completion by end-2023, has significantly bolstered the Company's progress.
2. Profit after tax (PAT) increased by 23.5% YoY to RM6.7 million, in tandem with the rise in revenue. Additionally, Pekat’s Q2 2023 performance showcased vigour, with revenue and PAT witnessing substantial growth of 40.8% and 234.0%, respectively, in comparison to Q2 2022 as well as Quarter-on-Quarter growth in revenue and PAT of 27.0% and 8.4% respectively compared to Q1 2023.
In addition to its remarkable performance, the group also announced its maiden interim dividend of 1.0 cent per share for the financial year ending 31 December 2023, which is to be paid on 21 September 2023.
Mr Tai Yee Chee, CEO of Pekat is confident that the group will be able to continue delivering good results in the second half with the completion of several significant solar installation projects. Going forward, the 29.99MW CGPP, recently awarded by Suruhanjaya Tenaga on 7 August 2023, will ultimately contribute to the enhancements of its Solar division’s financial performance in the following year while the rigorous safety standards mandated by the Energy Commission of Malaysia for lightning protection systems present Pekat's Earthing & Lightning Protection ("ELP") division with a promising growth avenue.
"We are excited about the future as we leverage the evolving solar landscape and contribute to Malaysia's renewable energy goals," Tai added. "Pekat remains dedicated to delivering sustainable solutions and further enhancing our industry leadership."
As part of the second phase of its restructuring strategy, on 22 August 2023, Mr Chin Soo Mau, esteemed Executive Director of Pekat, will reassume the role of Managing Director of Pekat to provide stewardship to the group’s long-term Strategic Planning and Direction. This move comes after Mr Chin successfully re-organised and developed the revenue growth strategies for Pekat subsidiaries, Solaroo Systems Sdn. Bhd. ("SSSB") and Pnexsoft Sdn Bhd ("PNEX"). The group is confident that this role will allow Mr Chin to lift our businesses to new heights and create shareholders’ value.
