KUALA LUMPUR (Dec 20): ACE Market-listed Kawan Renergy Bhd (KL:KENERGY) reported an all-time high earnings for its financial year ended Oct 31, 2024 (FY2024) as full year net profit surged 44.5% to an all-time high of RM19.22 million, compared with RM13.3 million in FY2023.

For FY2024, the company’s cumulative revenue grew 15% to RM113.1 million from RM98.4 million in the previous year, attributed to increased demand from the power, oleochemical, and chemical industries, which significantly bolstered its order book.

For its fourth quarter ended Oct 31, 2024 (4QFY2024), Kawan Renergy's net profit of RM5.32 million is largely unchanged from its immediate previous quarter of RM5.31 million in 3QFY2024.

The company’s 4Q revenue increased 23.1% quarter-on-quarter (q-o-q) to RM39.16 million, compared to RM31.82 million in 3QFY2024, driven by higher sales from its industrial process plants business segment which grew 44.4% q-o-q to RM15.6 million.

As at end-October, its order book stood at RM141.7 million

In a separate statement, Kawan Renergy’s managing director Lim Thou Lai highlighted that the company has invested in additional machinery and equipment to align with its growth strategy.

It has also upgraded its production processes that are designed to enhance efficiency, minimise wastage, and achieve greater precision.

“These initiatives position us to capitalise on the strong growth of Malaysia’s industrial process equipment sector, which recorded a CAGR of 14.6% from 2020 to 2023, driven by increasing foreign direct investment inflows,” he added.

Shares of Kawan Renergy were up one sen or 1.5% on Friday’s closing, giving it a market capitalisation of RM374 million. The stock which was newly listed on May 29, is up 126% from its listing price of 30 sen.