KUALA LUMPUR (Jan 24): Greatech Technology Bhd said it has secured new orders for production line systems worth RM160 million, mainly from a “customer” from the solar industry. 

Greatech did not provide details on the identity of the customer.

In a statement to Bursa Malaysia, the factory automation solutions provider said the new orders are expected to last the group until the second quarter of 2023.

“Based on the orders secured by the group for year-to-date and progress of the subsidiaries, the group expects positive development in the solar sector in year 2022 and 2023 with the opportunities presented by worldwide green initiatives and increased usage of renewable energy.

“The group expects this to contribute positively to the group’s revenue for the year ending Dec 31 2022 and 2023,” said Greatech.

With the group’s latest investment in capacity expansion, Greatech said it is now able to supply a more sustainable solution that supports customers’ efforts to reduce operating costs and improve environmental performances.

For the third quarter ended Sept 30, 2021 (3QFY21), Greatech’s net profit rose 24.75% to RM28.97 million from RM23.22 million a year ago, due to increased foreign exchange gain as well as lower administrative and marketing expenses.

Quarterly revenue grew 25.74% to RM95.33 million from RM75.82 million a year ago, attributable to higher revenue recognised from its production line systems and single automated equipment segment.

For the nine months ended Sept 30, 2021, the group’s net profit surged 92.09% to RM113.97 million from RM59.33 million a year earlier, while revenue jumped 76.88% to RM326.83 million from RM184.78 million.

Greatech shares fell 12 sen or 2.45% to close at RM4.78 on Monday (Jan 24).

At RM4.78, the group was valued at RM5.99 billion.