Its revenue, meanwhile, grew 33.6% to RM78.4 million from RM58.7 million for the corresponding quarter Q4 FY2022.

The group did not declare any dividend for the quarter.

In a filing with Bursa Malaysia, the company attributed the higher revenue due to its electric vehicle (EV) and energy storage segments.

“We are excited to learn that Genetec has completed the pilot run for its in-house battery energy storage system and is ready to move into the commercialisation phase,” said the group’s managing director and co-founder Chin Kim Weng.

“EV and energy storage (segments) generate the most revenue, followed by hard disc drives. Our fast delivery at scale for EV and energy storage customers fostered customer confidence and long-term collaborations,” added the group’s CFO Tan Kon Hoan.

Moving forward, the group feels confident that it will sustain its overall strong performance in the upcoming financial year.

One factor driving the group’s confidence was the recent launch of Mybess, the nation’s first commercial and industrial-scale battery energy storage system.

On April 11, Genetec formed a joint venture with Citaglobal Bhd – Citaglobal Genetec BESS Sdn Bhd – to launch Malaysia’s first locally developed and produced battery energy storage system, Mybess.

Through Mybess, the group aims to provide large-scale capacity energy storage and portability solutions, which could then be used to facilitate rural electrification and connectivity.

“The company is in the unique position to capture the opportunities in developing a sustainable energy system based on renewable sources that can support recovery and development while addressing climate change mitigation and adaptation strategies, and achieving energy security, universal access and affordability goals,” it said in today’s filing.

At the close of trade today, Genetec’s share price was up 12 sen or 5% at RM2.52, giving it a market capitalisation of RM1.89 billion.