ONE-STOP sustainable energy and engineering solutions specialist Kinergy Advancement Bhd (KAB) (formerly Kejuruteraan Asastera Bhd) has posted a milestone year in its FY2024 with a 22.8% year-on-year (yoy) spike in revenue of RM244.77 mil (FY2023: RM199.31 mil).
This marks the first time the group has crossed the RM200 mil revenue threshold in tandem with its on-going expansion in sustainable energy solutions and engineering services.
KAB’s exceptional performance was driven by strong growth in its sustainable energy solutions (SES) segment which doubled its revenue to RM123.5 mil from RM61.7 mil achieved a year ago.
This more than two-fold surge highlights KAB’s strong market positioning and ability to capitalise on booming market demand for sustainable energy projects, spanning solar, biogas and hydropower initiatives across Malaysia and the ASEAN region.
The group’s engineering segment also delivered a solid performance with a revenue contribution of RM119.4 mil. This segment remains integral to KAB’s holistic approach as a comprehensive provider of integrated sustainable solutions.
KAB’s net profit for FY2024 stood at RM21.5 mil which reflected consistent earnings generation as the group continues to strategically invest in new energy projects and infrastructure developments.
“This year’s performance builds on our transformative journey, strengthening our strategic initiatives while aligning with nation aspirations for sustainable energy growth and energy transition goals,” commented KAB’s group managing director Datuk Lai Keng Onn.
“KAB is committed to expansion with a clear vision which is not only to drive innovation within the business ecosystem through advanced energy solutions but also to sustain momentum in scaling our operations.”
Added Lai who is also KAB’s executive deputy chairman: “With a robust order book and a promising project pipeline, we’re optimistic about the opportunities ahead as we continue playing a key role in Malaysia and ASEAN’s clean energy transition.”
The group further sustained its upward trajectory in its revenue for 4Q FY2024 ended Dec 31, 2024 with a 26,1%% yoy surge to RM79.39 mil (4Q FY2023: RM62.95 mil) while its net earnings for that quarter nearly doubled to RM4.86 mil (4Q FY2023: RM2.52 mil).
The engineering segment saw a 50.5% yoy climb to RM40.6 mil supported by steady project execution. The SES segment also remained on an upward path with RM37.2 mil contribution in revenue – a 3.9% yoy growth – which reflected the sector’s continued development and market demand for sustainable energy solutions.
Moving forward, the group projected the SES segment to benefit from the accelerated regional adoption of sustainable energy technologies, driven by favourable regulatory developments, rising environmental awareness and increasingly ambitious corporate sustainability targets.
At 2.44pm, KAB was unchanged at 33 sen with 8.35 million shares traded, this valuing the company at RM686 mil. – Feb 28, 2025
