Geotechnical instrumentation and testing service provider Glostrext Berhad (Glostrext) has announced a 57.80% rise in profit after tax (PAT) for the first quarter ended 30 June 2024 (1QFY25), reaching RM2.30 million compared to RM1.46 million in 1QFY24.
Revenue for the quarter climbed 37.68% to RM8.85 million from RM6.43 million a year earlier. This increase was driven by higher contributions from the pile instrumentation and static load test services segment, which contributed RM7.44 million, or 84.09% of the Group's revenue in 1QFY25.
Singapore continued to be the largest revenue contributor for Glostrext's geotechnical instrumentation services, generating RM6.99 million, while Malaysia provided RM1.86 million.
The notable growth in revenue and earnings for 1QFY25 was attributed to a higher volume of service engagements in pile instrumentation and static load testing. This growth was further supported by the successful implementation of the WiNA-platform-based automated maintained load test system (WiNA-aMLT) in Singapore, which aligns with the company's expansion strategy.
Listed on the ACE Market of Bursa Malaysia Securities Berhad in August last year, the company has steadily progressed with its expansion plans. The company's in-house developed WiNA platform, introduced in 2021, has been instrumental in increasing revenue from pile instrumentation and static load testing services.
The geotechnical instrumentation service provider is committed to enhancing its sales and marketing efforts to boost awareness of its geotechnical instrumentation services. Despite challenging economic conditions, the company remains optimistic about its financial outlook, expecting continued demand growth for its services and focusing on delivering WiNA-based solutions to both new and existing clients.