MClean Technologies Berhad (“MClean Technologies”), a leading provider of precision cleaning and surface treatment solutions, has announced impressive financial results for the second quarter ending June 30, 2024 (“Q2 FY2024”).
The company reported its second consecutive profitable quarter, showcasing a significant turnaround in financial performance.
In Q2 FY2024, MClean Technologies achieved a revenue of RM15.5 million, marking a 30% increase compared to RM12.0 million in the same quarter last year (“Q2 FY2023”). This surge in revenue is primarily due to the growing demand for the Company’s precision cleaning and surface treatment services.
The company also recorded a profit before tax (“PBT”) of RM1.0 million, a substantial improvement from the loss before tax of RM1.1 million in Q2 FY2023. This positive outcome is a result of higher revenue and successful cost management strategies.
When comparing the results with the previous quarter (“Q1 FY2024”), MClean Technologies saw an 18% growth in revenue, increasing from RM13.1 million to RM15.5 million.
This growth was driven by the rising demand for precision cleaning services. Alongside revenue growth, the PBT of the company surged by 177% in Q2 FY2024, up from RM0.4 million in Q1 FY2024, underscoring the company’s strong operational performance.
For the first six months of FY2024 (“6M FY2024”), MClean Technologies reported a revenue of RM28.7 million, a 19% increase compared to RM24.0 million in the same period last year (“6M FY2023”).
The company’s PBT for 6M FY2024 was RM1.3 million, a remarkable turnaround from the loss before tax of RM2.2 million in the corresponding period of FY2023. This consistent growth highlights the strong demand for MClean’s services, particularly in the Hard Disk Drive (HDD) and consumer electronics sectors.
On July 2, 2024, MClean Technologies welcomed Accrelist Crowdfunding Pte. Ltd., a wholly-owned subsidiary of Accrelist Ltd., as a new substantial shareholder with a 28.5% stake.
Accrelist, listed on the Catalist Board of the Singapore Exchange, is a diversified group with interests in medical aesthetics and injection molding services. This partnership presents MClean Technologies with strategic opportunities to leverage Accrelist’s expertise in business transformation and growth.
With this new shareholder, MClean Technologies is exploring synergistic strategies to increase market share, expand customer opportunities, and enhance cost-efficiency through improved expertise and resource utilization.
Datuk Dr. Terence Tea Yeok Kian, Executive Chairman and Executive Director of MClean Technologies, expressed his satisfaction with the company’s performance.
“We are very pleased with our performance in the second quarter of 2024, marking our second consecutive profitable quarter. The strong financial results reflect the hard work and dedication of our team, as well as the strategic decisions we have made to enhance operational efficiency. The successful turnaround of the company demonstrates our commitment to building sustainable growth and profitability.”
He added that the company is particularly encouraged by the growth in demand for its HDD solutions in Malaysia and Thailand. MClean will continue to leverage its strengths to deliver value to shareholders.
MClean Technologies is committed to maintaining its positive momentum and focusing on long-term profitability. The management team is confident that the company’s strategic initiatives, combined with ongoing cost management efforts, will position MClean for continued success in the upcoming quarters.
As of August 27, 2024, MClean Technologies’ share price closed at RM0.29, representing a market capitalization of RM57.2 million.
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For more information, visit http://www.mclean.com.sg/.
