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KUALA LUMPUR: Genetec Technology Bhd, whose share price has surged in recent months, delivered a strong set of financial results in the second quarter, underpinned by its electric vehicle (EV) sector.
The company announced on Monday its net profit surged by 517% to RM16.29mil in the second quarter ended Sept 30, 2021 from RM2.64mil a year ago. Its revenue increased by 53.2% to RM59.31mil from RM38.67mil. Earnings per share were 32.25 sen compared with 6.18 sen.
“The increase in net profit before tax was mainly attributed to a higher sales volume and improved operational efficiency,” it said in a filing with Bursa Malaysia.
When compared with the first quarter, Genetec said revenue increased by 47.1% to RM59.31mil from RM40.3mil in 1Q ended June 30.
Genetec said it managed to break the immediate preceding quarter’s record high financial results, with the net profit before tax of RM17.60mil for 2Q as compared to a net profit before tax of RM8.9mil in 1Q.
For the first half, its net profit surged to RM24.49mil compared with RM549,000 a year ago. Revenue nearly doubled to RM99.59mil from RM51.10mil.
Commenting on the prospects, Genetec continued to achieve robust result primarily from the EV sector which is largely due to the global electrification trend as well as the group’s continuous effort to strengthen in-depth cooperation with the existing major customers.
“Leveraging on our technical competencies and capabilities in software development, the group remains committed to strategically consolidate our core strength and resources to ensure delivery of quality products as well as meeting of timeline of our customers.
“Our accumulated expertise in providing innovative solutions will drive further sustainable business growth and enhance customer diversification to the group,” it said.
Genetec said as the current global landscape is focusing on energy savings, reduced emissions and low-carbon footprints, renewable energy vehicles such as EV will continue to become a key player that will flourish within the automotive sector.
“This can continue to contribute to the positive outlook and long-term steady growth for the group.
“The group will hence be riding on the momentum of this worldwide radical shift towards automobile electrification and collaborate with existing as well as new global customers in the EV sector to further enhance our shares within this segment of the global market.
“This will ensure the upward propelling of the group’s revenue in the future and allows us to discover more market opportunities.
“With the current secured orders in hand and positive outlook of the EV global market, the group is expected to continue performing in the subsequent quarters barring unforeseen circumstances,” it said.