KUALA LUMPUR: Pekat Group Bhd posted a higher net profit of RM3.47 million for the second quarter (Q2) of financial year 2023 (FY23) from RM1.07 million a year ago.
Group revenue grew 40.83 per cent to RM59.45 million from RM42.21 million previously.
In Bursa Malaysia filing, Pekat attributed this to higher revenue registered in the solar division primarily from its large-scale solar project in Batang Padang, Perak.
Cumulatively, the company registered a net profit of RM6.63 million from RM5.47 million in the previous six months of 2022.
Group revenue jumped 21.16 per cent to RM106.27 million from RM87.71 million previously.
The company announced its maiden interim dividend of 1.0 cent per share for the financial year ending December 31, 2023, payable on Sept 21.
Chief executive officer Tai Yee Chee is confident the company will continue to deliver good results in the second half of the year, underpinned by the completion of several significant solar installation projects.
"Going forward, the 29.99MW CGPP, recently awarded by the Energy Commission (EC) on Aug 7 2023, will ultimately contribute to the enhancements of our solar division's financial performance in the following year.
"The rigorous safety standards mandated by the EC for lightning protection systems present Pekat's earthing and lightning protection division with a promising growth avenue," he said.
Meanwhile, Pekat said executive director Chin Soo Mau will reassume the role of managing director as part of the second phase of its restructuring strategy.
