George Kent (Malaysia) Berhad (George Kent) has announced its first-quarter results for the period ended 30 June 2024 (Q1FY2025), reporting revenue of RM30.27 million. This reflects the strength and resilience of the Group's Metering business. The Metering Division achieved a robust performance, generating RM29.11 million in revenue with an operating profit of RM6.76 million for the first quarter, marking a 69% increase compared to the same period last year. The Group's Class C meters continue to excel, driving strong sales both domestically and across the ASEAN region. The outlook for Class D water meters is also promising, with a steady stream of orders from the South American market, reinforcing George Kent's presence in this growing sector.
The momentum at George Kent Vietnam's assembly plant is gaining pace, with ongoing progress in AMR orders. The Group anticipates a significant boost in the Metering Division's performance in the second half of the financial year. To further strengthen this division and capitalise on emerging growth areas, George Kent will continue to explore acquisitions and joint venture opportunities.
In its Engineering Division, the Group is actively pursuing new contracts in government rail projects, public hospitals, and water treatment plants. Bolstered by strong business development initiatives and a substantial tender book for key infrastructure projects in Malaysia, the division is poised to capture new growth opportunities. George Kent's track record and expertise position the Group at the forefront of future contract wins.
Commenting on the Group's performance and prospects, Executive Chairman Tan Sri Dato' Tan Kay Hock emphasised that George Kent continues to build on its strong foundation in the metering industry. Leveraging its expertise and innovation, the Group is exploring new growth opportunities, including renewable energy, high technology, artificial intelligence, and cutting-edge solutions for data centres. With the addition of Datuk Thomas Leong as Director of Strategy & Investments, the Group is confident in its business expansion and expects growth in its metering and engineering businesses to lead to the securing of new contracts.