Genetec expects a rise in demand for its automation solutions.: Genetec automation solutions- Increasing demand automation

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Genetec Technology Bhd is anticipating a surge in demand for its automation and energy storage solutions, driven by customers executing their production plans. The tech company expects recurring orders in the electric vehicle and energy storage sectors to boost its earnings in the upcoming quarters. Genetec also foresees revenue growth from new product divisions. In the fourth quarter ending March 31, 2024, the company reported a net profit of RM16.84mil, up from RM10.33mil, with revenue increasing to RM70.47mil from RM65.57mil. Genetec is actively seeking to diversify revenue sources within automotive manufacturing while prioritizing cost efficiencies and quality delivery.

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Genetec Technology Bhd is gearing up for a surge in demand for its automation and energy storage solutions as customers forge ahead with their production plans. The tech company is eyeing an uptick in orders within the electric vehicle (EV) and energy storage sectors, which are poised to be key drivers of Genetec’s earnings in the upcoming quarters.

In a recent statement, Genetec highlighted its success in securing recurring orders and expressed optimism about potential opportunities in new product divisions. The company’s fourth-quarter results for the period ending March 31, 2024, painted a positive picture, with a notable increase in net profit to RM16.84 million from RM10.33 million. Revenue also saw a healthy uptick to RM70.47 million from RM65.57 million compared to the previous year.

Chin Kem Weng, the co-founder and managing director of Genetec, emphasized the company’s commitment to diversifying its revenue streams to cater to various aspects of automotive manufacturing. He underscored the importance of enhancing cost efficiencies through recurring orders while maintaining top-notch project delivery standards.

As Genetec positions itself for sustained growth, the focus remains on capitalizing on emerging opportunities within the automotive industry. The company’s proactive approach to expanding its product offerings aligns with its goal of meeting the evolving needs of customers in a dynamic market environment.

The increasing demand for automation solutions underscores Genetec’s strategic vision and its dedication to innovation. By anticipating market trends and aligning its offerings accordingly, Genetec is well-positioned to capitalize on emerging opportunities within the automotive sector.

Looking ahead, Genetec is poised to leverage its expertise in automation and energy storage to drive further growth and solidify its market position. The company’s commitment to quality, efficiency, and customer satisfaction sets it apart in a competitive landscape, positioning Genetec as a key player in the industry.

In conclusion, Genetec’s outlook remains positive as it navigates a rapidly evolving market landscape. With a strong focus on innovation, diversification, and customer-centric solutions, Genetec is well-equipped to meet the rising demand for automation and energy storage solutions. As the company continues to expand its presence and enhance its offerings, Genetec is set to capitalize on new opportunities and drive sustainable growth in the future.

Source: [Genetec Technology Bhd](https://www.thestar.com.my/business/marketwatch/stocks/?qcounter=GENETEC)