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KPower aims to boost orderbook by additional RM2 bln for FY21

KUALA LUMPUR, Dec 9 -- Kumpulan Powernet Bhd (Kpower), which has managed to secure RM1.4 billion orderbook in Malaysia, ASEAN countries and Nepal, aims to further increase its orderbook by an additional RM2 billion in this financial year (FY) ending June 30, 2021.

Group chairman Datuk Abdul Karim Abdullah said this was in line with the positive performance in the regional areas Kpower had footprint in as well as strong local demand. 

"We also intend to build our capabilities in other renewable energy spectrums such as large-scale solar projects and widen our product offerings to include hybrid wind/solar energy projects targeting the European, Middle East and Central Asian markets," he said at the company's virtual press briefing today. 

During the briefing, he also announced that the company's wholly-owned subsidiary, KPower Engineering Sdn Bhd has been awarded a RM296 million contract by Kangsar Hidro Sdn Bhd. 

Kangsar Hidro is a joint venture between Perak state agency Yayasan Perak (15 per cent equity interest) and Kangsar Capital Sdn Bhd (85 per cent stake), which was established to undertake the development of this project.

"The contract is to undertake, among others, the engineering, procurement, construction, commission and completion (EPCC) of a mini hydro power plant with a total capacity of 27.3 MW in Sungai Singor, Perak," he said. 

Abdul Karim added that the contract marked its concentrated effort towards securing continuous projects for the group as it moved closer to its target of an additional RM2 billion orderbook by this financial year end. 

"With the recent ASEAN target of 35 per cent renewable energy in installed power capacity by 2025 and also our pre-existing regional presence, we are well-positioned for growth,” he said. 

Meanwhile, group managing director Mustakim Mat Nun said that Malaysia would always be the anchor for Kpower and the project in Perak would further solidify its position and strengthen its platform as the company explored other opportunities.

"While hydro remains our strong point, we are actively venturing into other products and markets. We are optimistic of the prospects of the group in view of the resilient outlook for the energy sector and the expected economic recovery.

"This presents us with innumerable opportunities to capture and simultaneously expand our growth in the energy sector," he said. 

To recap, in the first quarter of FY21, the company’s net profit surged to RM8.14 million from RM948,000 in the same period last year due to a significant increase in construction-related activities. 

Revenue rose to RM57.06 million from RM11.16 million previously. 

Its share price has also steadily increased from RM1.52 in January this year to RM5.29 as of lunch break today, driven by its strong quarterly corporate performance despite the COVID-19 pandemic. 

The company announced on Nov 13 that it was terminating its proposed share split, which it had earlier planned to implement by Dec 2, after taking into consideration the recent increase in share price of KPower. 

-- BERNAMA

 

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