In the news: NST
Pekat Group Berhad announced its financial results for the third quarter of 2023, showcasing remarkable revenue and profitability, underscoring the Company’s performance and steadfast growth.
With a Q3 2023 Profit After Tax (“PAT”) of RM10.2 million, surpassing FY2022’s RM10 million, Pekat has exhibited outstanding growth. The Company witnessed a remarkable 60.4% surge in Profit After Tax (“PAT”), reaching RM3.6 million in Q3 2023, compared to RM2.2 million in Q3 2022. This translated into a significant 34.2% surge in PAT for 9M2023, reaching RM10.2 million compared to RM7.6 million for 9M2022.
Pekat has demonstrated a significant 5.8% quarter-on-quarter increase with a Q3 2023 revenue of RM62.9 million, reflecting the successful execution of the solar photovoltaic (“PV”) project for commercial and industrial solar rooftop projects within the quarter. In comparison with Q3 2022, this accomplishment substantially contributed to the boosted revenue in Q3 2023 as compared to Q3 2022, registering a 35.3% surge in revenue.
Pekat’s success continued throughout the year, culminating in a 26.1% year-over-year revenue increase for the nine months ended 30 September 2023, with revenue reaching RM169.2 million compared to RM134.2 million for the same period in 2022. The higher revenue was driven by the successful execution of various concurrent solar PV projects.
“Our financial performance is a testament to our strategic vision and unwavering dedication to continuous growth,” said Mr. Tai Yee Chee, CEO of Pekat Group Berhad. “Our team’s efforts and strategic project execution in the renewable energy sector have been pivotal in delivering these results. We are immensely proud of these achievements and remain committed to furthering our growth momentum.”
“We are excited about the future as we leverage the evolving solar landscape and contribute to Malaysia’s renewable energy goals,” Tai added. “Pekat remains dedicated to delivering sustainable solutions and further enhancing our industry leadership.”
Pekat Group Berhad is poised for continued success and aims to capitalize on more opportunities within the renewable energy sector and beyond, maintaining its commitment to operational excellence and sustainable business practices.