Genetec Powers ahead with Steady Growth in Q2FY2024

BANGI, Malaysia, Nov 29, 2023 – (ACN Newswire via SeaPRwire.com) – Technology leader in providing fully customised, intelligent manufacturing automation solutions, GENETEC TECHNOLOGY BERHAD recorded another strong quarter for their second quarter financial year 2024 (Q2FY2024). The Company registered a total revenue of RM72.4 million, up by 2.4% year-on-year (YoY), driven by increased orders in the electric vehicle (EV) and energy storage segment, demonstrating continued business resilience and growth momentum. Genetec’s profit before tax (“PBT”) and profit after tax (PAT) stood at RM18.7 million and RM17.4 million respectively for the quarter under review.

The Company delivered a high gross profit margin of 32.0% but noted a 12.4% decrease compared to the corresponding quarter of the preceding year (Q2 FY2023). Genetec’s margins remained steady, in the high double digits, demonstrating the Company’s continued cost discipline, rigorous management with regards to their project and time management, supply chains and delivery.

The EV and energy storage segments continues to be the significant contributor to the Company’s revenue performance, emphasising the success and impact of their offerings in these segments and strong customer support. Moving forward, the Company remains committed to capitalising this strength while actively seeking growth opportunities across other segments. At the end of the quarter, Genetec’s earnings per share (“EPS”) stood at 2.41 sen (fully diluted) compared to 2.30 sen (fully diluted) in Q1 FY2024.

Co-founder and Managing Director of Genetec, Chin Kem Weng emphasised, “Our current progress and strong pipeline indicates that we are on track with our plans for the year. We have been working very closely with our partner to capture opportunities in the renewable energy (RE) segment through our Battery Energy Storage System (BESS), MYBESS. At the same time, Genetec is deepening and broadening our collaboration with key clients to ensure we continue to be their go-to supplier for their automation needs, and top-of-mind when it comes to new tenders and product development. We have also participated in roadshows internationally and will be showcasing MYBESS at the COP28 UAE in Dubai.”

On 27 October 2023, Genetec completed its transition from the ACE Market to the Main Market of Bursa Malaysia, marking another key milestone for the Company. “By becoming a Main Market constituent, we hope to improve our visibility and access to capital as we continue to grow the business. At the same time, we are working hard to advance our solutions and MYBESS. To date, we have rolled out MYBESS 2.0, a smaller form factor version for more efficient use of limited space. MYBESS 3.0 is in progress, which will incorporate artificial intelligence (AI) in the BESS, offering customers greater intelligence and convenience in managing and monitoring the health of the battery over time, optimising performance or damage prevention, to proactive servicing to ensure optimal performance,” Chin added.

Globally, the shift towards EVs is gaining momentum. The definitive shift towards zero and lower carbon emissions solutions for both retail and commercial transport and energy sources, across different businesses and countries, will continue to drive demand for solutions in eMobility and energy storage.

“As more policies and incentives relating to EVs are introduced to accelerate the adoption of EVs or lower emission vehicles, Genetec is strategically positioned to capitalise on these trends. We are working closely with government agencies and are actively pursuing new ventures with global clients, engaging in discussions and developments that can yield revenue and exciting new projects for the Company,” he concluded.

About Genetec Technology Berhad

Genetec Technology Berhad is a technology leader in providing customised full turnkey smart factory automation manufacturing lines. It is a public company listed on the ACE Market since 2005 and successfully transitioned to the Main Market of Bursa Malaysia Securities Berhad (Stock code: 0104) on 27 October 2023. Its principal business focus is in the provision of high-quality, responsive and cost-effective designs, as well as the manufacturing of automated industrial systems, equipment and value-added services for our global customers in the Electric Vehicle (EV), Automotive, Hard Disk Drive (HDD), Consumer Goods and Healthcare sectors. For more information please visit: https://genetec.net/ .