Kumpulan Powernet Bhd has registered a 216% jump for its fourth quarter net profit today on the back of contributions from its new construction-related activities segment.
KP posted a net profit of RM7.31 mil for the fourth quarter ended June 30 as opposed to RM2.31 mil a year ago. Revenue clocked in at RM39.36 mil from RM11.95 mil for the same period under review, according to the group’s bourse filing today.
Stronger sales came from construction-related activities, primarily preliminary works on various construction projects. Other segments, mainly property development, manufacturing and property investment, registered lower contributions.
KP’s annual profit for the financial year 2020 rose to RM12.79 mil from the RM486,000 it made last year. Despite the Covid-19 pandemic, KP said it is confident that the group would continue to record stronger numbers throughout the period.
At the time of writing, KP’s shares were up 7.95% to RM2.85, giving the company a market capitalisation of RM322.29 mil.
