KUALA LUMPUR (May 20): Energy and engineering services firm Kinergy Advancement Bhd (KL:KAB) said on Monday its net profit doubled in the first quarter, thanks to new projects and entities acquired.

Net profit for the three months ended March 31, 2024 (1QFY2024) was RM4.97 million compared to RM2.43 million over the same period a year earlier, Kinergy said. Revenue, however, declined 1.7% year-on-year to RM42.04 million from RM42.76 million due to the completion of some engineering projects.

Kinergy said it will focus on expanding its energy solutions and customer base in the energy sector, replenishing its order book and venturing into neighbouring Asean countries. The company’s order book balance totalled RM942 million at March-end, up from RM939 million at the end of December 2023.

“Our strategic focus on the energy segment with clean energy, renewable energy and energy efficient solutions continues to align with expanding recognition of our technical capabilities,” Kinergy said. “This prominent recognition fuels our optimism for a positive outlook in FY2024.”

The company’s sustainable energy segment, in particular, more than tripled its revenue over the past year and yielded an operating profit of RM5.94 million, double from a year earlier.

That underscores “the high profitability and promising potential” in developing renewable and sustainable energy solutions and projects, Kinergy added.

At Monday’s noon break, shares of KAB remained unchanged at 37 sen, valuing the group at RM734.98 million. Year-to-date, the counter has lost 7.5%.