KUALA LUMPUR: Genetec Technology Bhd swung to the black in its 2022 financial year with a net profit of RM56.4mil, it's highest to-date, as compared with a net loss of RM4.25mil in the previous year.

       Revenue during the 12-month period came in at an all-time high of RM223.56mil, which was more than double revenue of RM97.08mil in the year before, underpinned by contributions from the electric vehicle and energy storage segments.

       In the fourth quarter of the financial year, net profit was RM13.63mil on revenue of RM58.7mil, which compares with a net loss of RM5.69mil on revenue of RM13.07mil in FY21.

       According to Genetec, its pipeline remains robust on the back of accelerating demand for electric vehicles across major markets worldwide.

       "Moving forward, Genetec remains focused on growing our workforce and deepening their knowledge and skillsets, especially in EV and energy storage.

       "We are also building on our capacity to be able to take on new orders and projects from existing and new customers.

       "We are committed to growing sustainably whilst developing new growth pathways for local talent to contribute to the progress of the local automation technology segment in Malaysia,” it said in a statement on Thursday.