KUALA LUMPUR (Aug 15): Kelington Group Bhd posted an 84.4% jump in net profit to RM13.56 million for the second quarter ended June 30, 2022 (2QFY22) against RM7.35 million recorded for the same quarter a year ago, thanks to higher project completion in Malaysia and Singapore.

Quarterly revenue was at a record high of RM312.4 million, a 147.2% surge from RM126.39 million.

The integrated engineering solutions provider's performance for the first half ended June 30, 2022 (1HFY22) also touched record highs with net profit jumping 69.5% to RM21.86 million from RM12.9 million and revenue jumping 110.1% to RM485.73 million from RM231.21 million.

The group proposed to declare a one-sen dividend amounting to RM6.43 million, to be payable on Sept 22.

Kelington told Bursa Malaysia on Monday (Aug 15) that the ultra-high purity (UHP) division remained as the primary revenue contributor, contributing to 63% of the group's total revenue in 1HFY22. Compared with the previous year's corresponding period, revenue from the UHP division climbed 89% to RM304.4 million, spurred by rising contributions from projects in Singapore and Malaysia.

The general contracting division contributed RM135.5 million in revenue, representing a 374% increase, underpinned by a major general contracting job in Malaysia.

Meanwhile, the industrial gases division saw a 31% increase in revenue to RM21.5 million, driven by higher production output.

Kelington chief executive officer Raymond Gan said as of end-June 2022, the group had secured new contracts amounting to RM798 million. Including the projects carried forward from the previous year, its total order book stood at RM1.9 billion, of which RM1.4 billion remained outstanding.

"In addition to that, we recently clinched a UHP contract worth approximately RM117 million from a customer in Singapore to undertake bulk and specialty gas system distribution works. Prospects of the industrial gases division remain positive as demand for liquid carbon dioxide increases with the recovery in economic activities.

"Our consistent track record in winning project tenders reflects our strong reputation, especially within the electronics and semiconductor industry. We will continue our active participation in project tenders across our UHP, project engineering and general contracting segments in the geographical markets we operate in," he added.

At market close, Kelington's share price gained four sen or 3.15% to close at RM1.31, valuing it at RM845.27 million.