KUALA LUMPUR (Aug 21): Powerwell Holdings Bhd (KL:PWRWELL) said it had secured a RM14.75 million contract to supply electrical low-voltage switchboards from "a leading international contractor" for a data centre in Malaysia.

The group, in an announcement to Bursa Malaysia on Wednesday, did not provide further details of the contractor and the data centre.

"The supply contract is expected to be fulfilled by the third quarter of calendar year 2024," said Powerwell, adding that the contract is expected to contribute positively to its earnings and net assets for the financial year ending March 31, 2025 (FY2025).

Powerwell, which was listed on the ACE Market in 2020, is primarily involved in the design, manufacturing, and trading of electricity distribution products, including low-voltage switchboards and medium-voltage switchgears.

The group posted a record-high net profit of RM19.71 million for FY2024, an increase of 189% from RM6.81 million a year earlier, driven by a higher gross profit margin of 29.7% compared with 15.5% previously. This increase was mainly due to higher profitability from several completed high-value projects, notably a semiconductor plant project, solar power plant project, and data centre projects.

Shares in Powerwell closed up half a sen or 1.12% at 45 sen on Wednesday, giving the group a market value of RM261.25 million.