George Kent posts RM11.79 mln net profit on strong water meter sales

KUALA LUMPUR, George Kent (Malaysia) Bhd posted a net profit of RM11.79 million for the first quarter of the financial year ending March 31, 2022 (1QFY22), mainly attributed to strong sales of its water meters worldwide.

In a filing with Bursa Malaysia today, the manufacturing and engineering services company said revenue stood at RM61.28 million.

The company had earlier changed its financial year-end from Jan 31 to March 31, making no comparison for the quarter ended June 30, 2021.

Chairman Datuk Tan Kay Hock said the metering business continued to perform beyond expectations in spite of the movement controls implemented globally, demonstrating the strength and robustness of its business.

“We are working closely with the Malaysian Public Works Department to ensure the timely delivery of our construction projects.

“We are optimistic of our prospects given the ongoing operating and long-term plans,” he said.

Tan also said that in line with the group’s strategy, it would continue to develop the markets for its existing water meters with its research and development (R&D) team, partners, and specialists to commercialise a range of water meters, including smart meters.

In addition, the chairman said the group is developing new opportunities in the regional railway space, leveraging on its established network with international rail specialists and expertise as a rail systems specialist in domestic railway projects.

George Kent will also design and build a glove manufacturing plant in Lumut Port Industrial Park, Perak, which is owned and operated by Dynacare Sdn Bhd, which is a 40 per cent associate of the group.

Source: BERNAMA News Agency