Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily on September 29, 2017

KUALA LUMPUR: George Kent (Malaysia) Bhd saw its second-quarter net profit rise 23.7% from a year earlier, driven by higher contribution from both its engineering and metering segments.

Net profit for the three months ended July 31, 2017 (2QFY18) rose to RM25.38 million from RM20.51 million a year ago, while earnings per share grew to 4.5 sen in 2QFY18 from 3.6 sen in 2QFY17.

The earnings growth was in line with higher revenue, which increased 13.8% year-on-year to RM187.57 million from RM164.77 million.

The group also declared an interim dividend of 2.5 sen per share amounting to RM14.08 million for FY18, payable on Nov 9.

For the cumulative six months ended July 31, 2017 (1HFY18), net profit rose 23.5% to RM43.87 million from RM35.52 million a year ago, while revenue was up 10.2% to RM316.99 million from RM287.73 million in 1HFY17.

In a statement yesterday, George Kent group chairman Tan Sri Tan Kay Hock said it is on track for another year of good performance in FY18 and will continue to seek opportunities to grow its strong order book of RM5.93 billion.

“Completing the Ampang LRT Line Extension Project (light rail transit 2) within the stipulated timeline and winning the Hong Kong water meter tender award have further strengthened our reputation as a premier engineering and metering solutions provider,” he said.

In September, George Kent secured a tender to supply and deliver 650,000 water meters worth US$6.86 million (RM29.02 million) to the Hong Kong Water Supplies Department within two years in 24 shipments.
 

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