Greatech net profit soars 68% in FY20

by BERNAMA / pic source:

GREATECH Technology Bhd’s (GTB) net profit rose 68% to RM91.16 million in the financial year ended Dec 31, 2020 (FY20), from RM54.27 million in FY19.

Its revenue increased by 20.9% to RM261.13 million from RM215.94 million, it said in a filing to Bursa Malaysia yesterday.

GTB said the performance was driven by the increased revenue for production line systems from the electrical vehicle (EV) energy storage industry, as well as the demand for modification and upgrade of existing production line systems and repeat orders.

As for the fourth quarter of FY20, its net profit jumped 77% to RM31.83 million from RM18 million in the quarter a year ago. Revenue for the period went up 30.5% to RM76.35 million from RM58.52 million previously.

“GTB delivered on its commitments in a challenging year dominated by the Covid-19 pandemic,” it said, adding that it had entered 2021 with a robust orderbook and was confident in its ability to continue gaining market share in the EV energy storage industry.

As of Feb 4, 2021, the group’s orderbook stood at RM351.2 million, which is expected to last until the first half of 2022.

GTB has also allocated RM77.37 million for its targeted capital expenditure investment in 2021 to support operating and growth requirements, which include a new 230,000 sq ft facility in Batu Kawan Industrial Park and its facility in the US.

GTB’s share price closed 19 sen lower to RM6.06 on Bursa Malaysia yesterday.