Swift Energy shines with robust financial results for Q4, FY24

PETALING JAYA: Swift Energy Technology Bhd, a local industrial automation and power systems provider, showcased robust growth across key segments in its financial results for the fourth quarter and the financial year ended Sept 30, 2024 (Q4’24 and FY24)

For the quarter under review, Swift Energy and its subsidiaries reported revenue of RM29.3 million.

The manufacturing segment remained the key driver of Swift Energy’s business, contributing about 75% of total revenue. The Malaysian market was the largest revenue contributor, accounting for 35.84% of the total for the quarter. The group’s gross profit margin for Q4’24 was 48.26%, and profit after tax (PAT) amounted to RM5.35 million.

For FY24, 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.

Swift Energy’s main manufacturing segment demonstrated substantial growth, increasing by 22.79%, from RM71.45 million in FY23 to RM87.74 million in FY24.

The increase coincides with the rise in solutions provided from Malaysia and Thailand, which demonstrated revenue growth of 23.95% and 79.71% respectively from the preceding year. The group’s gross profit margin for FY24 stood at 42.35%, an improvement compared to 40.29 in FY23%. The group’s PAT for FY24 increased by 39.61% or RM4.83 million, from RM12.20 million in FY23 to RM17.03 million, in tandem with the growth in revenue.

“Our strong financial performance in FY24 underscores the effectiveness of our strategic initiatives and our commitment to delivering value to our stakeholders,” Swift Energy CEO Tan Bin Chee said, adding that its strength lies in its ability to innovate and adapt to industry demands, backed by its IECEx-certified Ex solar photovoltaic (PV) modules, which set them apart as a trusted solutions provider in the oil and gas sector.

“Our strategic collaborations with global technological leaders like Siemens further amplify our capabilities and market position. As we continue to leverage these competitive advantages, we are well-positioned to capitalise on global trends in industrial automation and renewable energy, driving sustainable growth and innovation,” he said.

Swift Energy 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 Internet of Things-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.

Swift Energy said it looks forward to building on its success and advancing its mission of delivering cutting-edge solutions that address critical industry needs while creating long-term value for shareholders.