KUALA LUMPUR (Feb 18): Greatech Technology Bhd (KL:GREATEC) posted a 24.3% year-on-year rise in net profit for the fourth quarter, on the back of a foreign exchange (forex) gain.

The net profit for the three months ended Dec 31, 2024 (4QFY2024) climbed to RM51.62 million from RM41.54 million, as revenue increased 33.1% to RM205.84 million from RM154.64 million, according to the automation solutions provider in a bourse filing on Tuesday.

The company booked a net forex gain of RM14.74 million in 4QFY2024, versus a net forex loss of RM3.18 million a year earlier — a positive net forex change of RM17.92 million — driven by a strengthening US dollar versus the ringgit.

Meanwhile, revenue growth was primarily driven by a robust performance of the life sciences sector, which included the addition of "prominent customers" with the group's wholly owned unit Greatech Integration (Ireland) Ltd.

No dividend was declared for the quarter.

For FY2024, Greatech’s net profit was largely flat, with a 0.4% increase to RM155 million as compared to RM154.36 million in FY2023, while revenue was up 14.2% to RM752.37 million from RM658.75 million.

The group’s bottom line was dragged by a net forex loss of RM1.49 million in FY2024, in contrast to a net forex gain of RM10.95 million in FY2023.

Looking to the year ahead, Greatech said the company is well positioned in high-potential sectors — clean energy, electric vehicles and life sciences — despite the continuation of geopolitical and economic uncertainties.

“The group is focused on leveraging its favourable market conditions and continued growth in the sectors to expand its revenue and profitability in the coming year,” the group said.

“The group is also committed to investing in growth initiatives, with an estimated RM125 million in capital expenditure planned for 2025, inclusive of the purchase of land in Batu Kawan, Penang,” it added.

As at Feb 12, Greatech’s outstanding order book stood at RM785 million.

Shares in Greatech ended 10 sen or 5.15% lower at RM1.84 on Tuesday, valuing the company at RM4.62 billion.