Swift Energy Technology Berhad announced its financial results for the fourth quarter and financial year ended 30 September 2024 with Q4 reporting a revenue of RM29.30 million. The manufacturing segment remained the key driver contributing approximately 75.11% of the total revenue.
The Malaysian market was the largest revenue contributor, accounting for 35.84% of total revenue during the quarter. The Group's gross profit margin for Q4FY24 was 48.26%, and the Group's profit after tax amounted to RM5.35 million.
For the cumulative FY2024 period, the Group's revenue increased by 19.82% or RM18.32 million, from RM92.43 million to RM110.75 million. The manufacturing segment contributed 79.22%, while the engineering services segment accounted for 6.52% of total revenue. The Group's main manufacturing segment demonstrated substantial growth, increasing by 22.79%, from RM71.45 million in the financial year ended 30 September 2023 ("FY2023") to RM87.74 million in FY2024. This increase also coincides with the increase in solutions provided from Malaysia and Thailand, which both demonstrated revenue growth of 23.95% and 79.71% respectively from the preceding year.
The Group's GP margin for FY2024 stood at 42.35%, an improvement compared to FY2023's GP margin of 40.29%. The Group's PAT for FY2024 increased by 39.61% or RM4.83 million, from RM12.20 million in FY2023 to RM17.03 million, in tandem with the growth in revenue.
Swift Energy said it remains optimistic about the future, supported by several key industry trends. The increasing global demand for efficiency, sustainability, and innovation is driving adoption of advanced technologies such as IoT-enabled systems and energy-efficient solutions. The push for decarbonisation continues to accelerate the adoption of solar PV systems and other green technologies, with governments implementing supportive policies and subsidies. Rapid industrialisation, urbanisation, and focus on clean energy transitions in the Asia-Pacific region present vast growth opportunities, particularly in emerging markets.
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