07/06/2023 06:23 PM

KUALA LUMPUR, June 7 (Bernama) -- Energy and engineering solutions provider Kejuruteraan Asastera Bhd has officially unveiled its new name, Kinergy Advancement Bhd (KAB) and logo, signifying its commitment to expanding its sustainable energy solutions (SES) business regionally.

Group managing director Datuk Lai Keng Onn said the name change marked the timely rejuvenation of the company’s business operations with its SES segment, signalling the way forward in driving sustainable growth for the group. 

“We have made significant strides in our SES segment over the years, and together with its strong financial performance thus far, we are confident that the SES segment will underpin the group’s continued growth moving forward,” he said after launching the company’s new name here today.

Lai said the group is confident that the SES segment would be a major contribution to its financial performance in the years ahead, and as it moves forward, KAB would sustain the momentum of the SES segment by targeting new clients and exploring potential opportunities across Southeast Asia. 

“This strategic approach aligns with the increasing demand for SES as countries in the region enhance their commitment to clean and sustainable energy,” he explained. 

Lai also said that KAB is now shifting focus from engineering to energy as the SES segment will underpin the group’s continued growth moving forward.

In a statement today, KAB said it owns a suite of sustainable energy assets under its SES segment, and the group’s current assets include co-generation and waste heat recovery plants and solar photovoltaic systems.

“In addition, the group has several notable acquisitions lined up as well as new contracts secured to further bolster its SES portfolio, namely the acquisition of a biogas plant as well as a mini hydroelectric power plant in Indonesia,” it said.

KAB said it is ready to develop and operate a gas-fired power plant through its joint venture with Petronas Gas Bhd valued at RM230.0 million, representing the group’s largest SES endeavour to date.

It said the group’s SES Segment has been on a strong growth trajectory, contributing 32 per cent to the overall profit after tax of the group’s profitable segments in 2022 and more notably registered a 780.9 per cent year-on-year increase to RM2.68 million in the first quarter of 2023 from RM0.30 million in the previous year’s corresponding quarter.

“On the sustainability front, KAB started embarking on its Net Zero journey in 2022 with a target of 50 per cent greenhouse gas emissions savings in the next year from its SES asset portfolio. 

“This is further reflected in the group’s present environmental, social, and corporate governance (ESG) rating of three out of four stars in the FTSE Russell ESG, which it has held for the last two consecutive years,” it added.


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