Genetec Takes a Baby Step to Success: Breaks Revenue Record at RM85.15m and Adjusts Net Profit to RM26.6m!

Publish date: Mon, 27 Feb 2023, 08:28 PM



Genetec Technology Berhad, a prominent player in the electric vehicle and energy storage industry, has released its Q3 FY23 financial results.

The company achieved a record-breaking revenue of RM85.15 million, indicating an impressive 31% increase from the same period in the previous year.

However, due to forex losses of RM26.4 million, which were offset by forex gains of RM12.3 million, the net profit decreased by -30% compared to the same period last year. Nonetheless, the foreign exchange adjusted net profit is an impressive all-time high of RM26.6 million.

Despite the setback caused by forex losses, Genetec Technology Berhad showed strong collections during the quarter with an increase to RM88 million. Furthermore, the company's receivables decreased to RM174 million