It posted a net profit of RM8.29 million or 2.8 sen per share in 4QFY15.
Quarterly revenue was 128.2% higher at RM267.47 million, from RM117.23 million.
The metering and engineering company recommended a final dividend of 3.5 sen, amounting to RM10.51 million, subject to shareholders' approval at the forthcoming annual general meeting.
Annual net profit was 79% higher at RM50.29 million or 16.7 sen per share, as compared to RM28.09 million or 9.3 sen per share in FY15; while revenue was up 52.4% to RM538.09 million, from RM353.16 million.
In a separate statement, George Kent said its engineering division is the main growth driver for FY16, as it contributed 80% of revenue to the tune of RM432.7 million, in line with the pace of its projects' activities.
The group said the increase is mainly attributable to the work progress in the healthcare, water and rail construction projects.
Its metering division also saw an increase in contributions amounting to RM105.4 million, which makes up 20% of revenue for the FY16, due to contributions from several fronts, including its largest single order to-date, received from the Water Supplies Department, Hong Kong and the strength of the major foreign trade currencies against the ringgit.
"This has indeed been an eventful year for George Kent. We achieved record results for the financial year, as pre-tax profit was up by an impressive 76% backed by staggering top-line growth of 52%," George Kent chairman Tan Sri Tan Kay Hock commented.
"We were appointed as project delivery partner (PDP) for Light Rail Transit 3 (LRT 3), and we won our largest water meter contract to-date. This is a testament to the hard work that we have put in, to create value for our shareholders," he added.
Tan said the group will build on these successes, as it continues to further strengthen its reputation, as the group registers meaningful strides in both the metering and engineering industries, both locally and abroad.
Moving forward, the group is optimistic that the securing of several project awards such as the PDP for the LRT3 and the Hong Kong water meters tender, will expand its earnings base and improve profitability.
Shares in George Kent closed up five sen or 2.86% at its one year high of RM1.80 today, after 4.09 million shares traded. It had a market capitalisation of RM525.72 million.
GKENT (3204) - George Kent's 4Q profit more than doubles to RM19.9m
http://www.theedgemarkets.com/my/article/george-kents-4q-profit-more-doubles-rm199m
