KUALA LUMPUR (May 27): Powerwell Holdings Bhd (KL:PWRWELL) has bagged two purchase orders worth a total of RM57.61 million from a “renowned multinational technology corporation” specialising in data centres.
In a bourse filing on Monday, Powerwell said its wholly owned subsidiary Powerwell International Sdn Bhd has received the orders for the supply, installation and commissioning of low-voltage switchboards and remote power panels for a data centre in Selangor.
The orders are expected to be fulfilled within one year from the date of the purchase orders and to contribute to the group’s consolidated earnings for the financial year ending on March 31, 2025 (FY2025).
However, Powerwell did not identify the said corporation.
Powerwell’s executive director Catherine Wong said investments by global tech giants have created a ripple effect of opportunities for local suppliers and service providers within the technology sector in Malaysia.
“Powerwell is strategically positioned to contribute significantly to this growth, leveraging cutting-edge technology and comprehensive expertise in electrical solutions for data centres,” she said in a statement.
In April, Powerwell announced that it had been awarded a RM22.05 million contract from One Ocean Environment Sdn Bhd for the supply of low-voltage switchboards for a proposed water supply scheme in Sungai Rasau, Selangor.
For the third quarter ended Dec 31, 2023 (3QFY2024), the group’s net profit jumped nearly six-fold to RM9.55 million from RM1.65 million, thanks to higher profit margins from data centres, solar power plant and semiconductor plant projects.
Meanwhile, revenue jumped 49.9% to RM67.48 million from RM45.03 million.
At Monday’s noon break, shares of Powerwell were up three sen or 6.5% to 49.5 sen, valuing the group at RM284.32 million. Year-to-date, the counter has more than doubled, climbing as much as 25.5 sen.