News

KPower to further strengthen regional presence after impressive Q1 results

Mustakim Mat Nun (Source: KPower)

KUALA LUMPUR, Dec 1 -- Kumpulan Powernet Bhd (KPower) plans to further expand its geographical presence in the energy sector within ASEAN and South Asia, amid the resilient outlook for the sector.

Group managing director, Mustakim Mat Nun said the group is optimistic that governments across the region will continue to focus on the energy, utilities and infrastructure industries as they are key industries in revitalising and expanding the economy.

"In actual fact, the ASEAN region recently increased the renewable energy’s installed capacity target to 35 per cent by 2025.

"This target is set under the ASEAN Plan of Action for Energy Cooperation Phase 2 which will be implemented during the period of 2021 until 2025," he said in a statement today.

Moreover, he said, the recent signing of Regional Comprehensive Economic Partnership trade agreement shows the region is serious in expanding and growing its economy.

Mustakim said KPower is well positioned to partake in this development, which will definitely augur well for its growth and expansion plan.

“Therefore, the group intends to build its capabilities in other renewable energy spectrum such as large-scale solar projects and widen its product offerings to include hybrid wind and solar energy projects targeting the Europe, Middle East and Central Asia markets.”

He said the group is also currently exploring other products within the textile industry in order to enhance its manufacturing segment on the back of the improved global manufacturing sector and positive Industrial Production Index in the third quarter of this year.

To date, KPower has secured a sizeable RM1.4 billion orderbook in Malaysia, ASEAN countries and Nepal and aims to further increase by an additional RM2.0 billion by the financial year end June 30, 2021.

Meanwhile, the group's net profit jumped eightfold to RM8.15 million in the first quarter ended Sept 30, 2020 from RM948,000 in the same quarter last year, underpinned by construction related activities in the energy, utilities and infrastructure segment.

Its revenue rose 411 per cent to RM57.06 million from RM11.16 million previously, driven by the construction segment, involving additional works on current projects and preliminary works on new projects in Laos and Nepal.

At 3 pm, KPower's share price rose 14 sen to RM4.98.

-- BERNAMA

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