PESTECH Wins Smart Meter Contract from TNB
PETALING JAYA: Pestech International Bhd
’s unit Pestech Sdn Bhd has won an RM11.1mil contract from Tenaga Nasional Bhd (TNB).
The contract is for the supply and delivery of 60,000 units of single-phase smart meters for advanced metering infrastructure, it said in a filing with Bursa Malaysia.
It shall be effective for six months with an option to extend for another six months, subject to Pestech’s performance, it said.
“From 2019 up to the year-to-date, the group had secured a total of RM103.62mil (contracts), which comprise 473,205 units of smart meters.
“The award of contracts signifies the group’s capability in meeting the standard specifications and delivery performance as required by TNB,” it said.
This will enable the group to build its track record to tap further prospects in the smart metering for other phases in TNB as well as in the region, it added.
The contract is expected to contribute positively to Pestech’s revenue and earnings in accordance with the job progress that will be recognised in the financial year ending June 30, 2023, it said.
It is also expected to contribute positively to the group’s net asset per share, it added.
Pestech said the smart meter records household electricity usage and sends the information to TNB remotely through selected telecommunication networks.
For its financial year ended June 30, 2022, Pestech’s net profit dropped to RM13.73mil from RM66.21mil in the previous corresponding period, while revenue fell to RM715.09mil from RM889.36mil previously.