PETALING JAYA: Integrated engineering solutions provider Kelington Group Bhd reported an impressive financial performance for the first quarter ended March 31,2023 (Q1’23).
During the quarter, Kelington’s net profit climbed 95% year-on-year (y-o-y) to RM16.2 million from RM8.3 million in Q1’22. The bottom-line growth was supported by a 78% increase in revenue to RM308.9 million, compared with RM173.3 million in the same period last year.
The growth in top and bottom line performance was attributed to double-digit growth in revenue contribution across all operating markets.
Revenue from Malaysia, which accounted for almost half of total revenue in Q1’23, increased 83% to RM142.5 million while revenue from Singapore and China rose 67% and 69% y-o-y respectively.
The ultra-high purity (UHP) division continued to be the primary revenue contributor, accounting for 59% of the group’s total revenue in the first quarter of 2023. Revenue from the UHP division grew by 62% to RM182 million, driven by increased contributions from Singapore, China and Malaysia.
Meanwhile, revenue from the process engineering segment registered a jump of 199% y-o-y to RM35.7 million, primarily due to contribution from a process engineering job in Malaysia.
The industrial gases segment maintained a strong performance in Q1’23, with revenue more than doubling to RM24.1 million from RM9.9 million in Q1’22. This growth was supported by higher production output as the group expanded into a new geographical region, specifically the Oceania countries, for the sale of liquid carbon dioxide.
Kelington’s order flows remain buoyant as the group has secured RM467 million worth of contracts as at March 31, 2023. Inclusive of the carried forward projects from prior years, Kelington’s total order book stands at RM2.2 billion, of which RM1.8 billion remains outstanding as at March 31 2023.
The group’s gearing ratio stood at 0.76 times as at March 31, 2023. It total borrowings decreased to RM200 million from RM245 million as at Dec 31, 2022, mainly due to the repayment of borrowings in Malaysia. Kelington’s balance sheet remains healthy with net cash position of RM13.5 million as at March 31, 2023.
Source: The Sun Daily
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