KUALA LUMPUR (May 24): Kawan Renergy Bhd (KL:KENERGY) posted a net profit RM4.20 million for the first quarter ended Jan 31, 2024 (1QFY2024), on the back of revenue of RM19.95 million.
Earnings per share stood at 0.41 sen.
This is the first interim financial report announced by Kawan Renergy in compliance with the Listing Requirements of Bursa Malaysia.
There are no comparative figures for the preceding corresponding quarter and period-to-date available, as no interim financial report was prepared for the comparative financial period concerned.
Reviewing its performance, Kawan Renergy said revenue for the quarter was mainly contributed by industrial process equipment, which accounted for RM11.3 million, representing 56.8% of total revenue.
On its prospects, the company said it intends to construct a new two-megawatt biomass power plant to grow its power generation and sale of electricity business segment, and diversify its income base to include more recurring income.
In addition, the group said it intends to improve the output of its landfill biogas power plant by installing an anaerobic digestion system, which will convert agricultural waste into biogas for generation of electricity.
“Moreover, the group plans to upgrade its production processes by purchasing additional machinery and equipment in order to improve production efficiency.
“This aims to reduce manpower, achieve higher precision, and reduce wastage.
“Furthermore, the biogas industry in Malaysia is poised for continued growth, supported by the country’s economic growth, which would drive increased electricity demand,” it said.