Despite a nationwide lockdown and having halted operations, Malaysia’s top-performer on the country’s stock market has soared by an impressive 790% by helping businesses lower their energy bills.
Electrical engineering and energy efficiency services company Kejuruteraan Asastera Bhd (KAB), have gained 94% to 75 sen in 2020 alone, thanks to its energy-saving offerings to the business sector.
The company’s 2019 order book stood at a total of 355 million ringgit ($82 million) which the company’s founder and managing director Lai Keng Onn says is sufficient to support its revenue requirements for two years of operation. The company further plans to expand into the hospitality sector, according to a report on Bloomberg.
Lai says the hospitality sector is an ideal market for the company after being hit hard, as in many places of the world, by travel restrictions and national lockdown measures.
“We see this as an opportunity to market our energy efficiency solutions to the hospitality industry,” he said in an interview.
“Although a possible slight delay can be expected in some of our projects,” due to the lockdown, he added.
KAB’s profit rose 23% to 10.5 million ringgit in 2019, as reported in the company’s financial year-end results in February. Lai anticipates “double-digit” growth in earnings to continue during 2020.