KUALA LUMPUR (July 29): Genetec Technology Bhd — whose share price has soared by over 10 times since beginning of the year — returned to the black with a net profit of RM8.18 million in the first quarter ended June 30 (1QFY21), from a net loss of RM2.09 million a year ago, underpinned by higher sales volume and improved operational efficiency.

As a result, earnings per share rose to 16.28 sen, from a loss per share of 4.93 sen previously.

In a Bursa Malaysia filing today, the group said its quarterly revenue increased by 225% to RM40.28 million, against RM12.43 million recorded in the previous year’s corresponding quarter.

The group, however, did not declare any dividends in the quarter.

On a quarterly basis (QoQ), the group rebounded from a net loss of RM6.6 million in the preceding quarter (4QFY20), while revenue rose by 207.6% from RM12.4 million posted previously.

Moving forward, the industrial-automation’s specialist said the group has achieved a strong order book primarily from the Electric Vehicle (EV) sector, which has significantly contributed positively to its current quarter performance.

“Despite the current challenging market conditions, the group remains committed to strictly control its project quality and efficiency, with our operational and key personnel executed well to fulfill timely delivery commitments to our customers.

“The group will continue to act proactively to further expand our cooperation with key global customers to seize opportunities created by the current trend of EV and autonomous driving.

“This will further consolidate our leading position in the industry and enhance our market share,” it said.

Shares in Genetec closed 22 sen or 1.13% higher to RM19.64 today, giving it a market capitalisation of RM994.21 million.

Over the past one year, the stock has surged by 1,200% from a mere RM1.48 recorded in July 2020.