George Kent Q3 earnings up 97%

PETALING JAYA: George Kent (Malaysia) Bhd’s net profit for the third quarter ended Oct 31, 2016 almost doubled to RM23.74 million from RM12.07 million a year ago in line with higher revenue and profits contributed by both the engineering and metering divisions.

Its revenue went up 25.9% to RM122.09 million from RM96.94 million in the previous year’s corresponding period.

In a statement, the group said recent contract wins for the MRT 2 system works package and the Tanjung Karang Hospital design and build job will add RM755 million to the group’s current order book of RM5.9 billion.

The directors have declared a second interim dividend of 2.0 sen per share on the enlarged share capital of 375.51 million shares, which will be paid on Jan 13, 2017 to shareholders.

For the nine month period, its net profit jumped 95% to RM59.26 million from RM30.41 million a year ago.

Commenting on the group’s record third quarter performance and the recent project wins, George Kent chairman Tan Sri Tan Kay Hock said the directors are optimistic that in view of the results for the nine months, it is on track for another record year.