MALAYSIA, 27 FEBRUARY 2025 – MClean Technologies Berhad (“MClean Technologies” or the “Company”), an established provider of precision cleaning and surface treatment solutions, is pleased to announce its financial results for the fourth quarter ended 31 December 2024 (“4Q2024”) and the financial year ended 31 December 2024 (“FY2024”). The Company posted a fourth consecutive profitable quarter, registering a revenue of RM16.4 million for 4Q2024 and RM61.3 million for FY2024, representing a 29% and a 28% growth respectively from the corresponding periods last year. Total comprehensive income stood at RM3.5 million for 4Q2024 and RM9.3 million for FY2024, reflecting a strong financial turnaround for the Company.
With the entry of new substantial shareholder, Accrelist Crowdfunding Pte. Ltd., a wholly-owned subsidiary of Accrelist Ltd. (“Accrelist”) since 2 July 2024, the Company is accelerating its strategic initiatives to strengthen market position, pursue growth opportunities, and intensify cost-cutting efforts.
In tandem with revenue growth, MClean Technologies registered a Profit Before Tax (“PBT”) of RM6.4 million for FY2024, marking a significant turnaround from the Loss Before Tax (“LBT”) of RM5.3 million in FY2023. On a quarterly basis, the PBT for Q4 FY2024 reached RM4.0 million, a strong improvement from the LBT of RM1.1 million in Q4 FY2023. This recovery was supported by among others higher revenue generation, margin expansion, and disciplined cost management initiatives. Operational efficiencies and stringent cost-optimisation measures have further contributed to profitability growth and stronger bottom-line performance, reinforcing MClean Technologies’s position as a high-growth company with a sustainable earnings outlook.
The strong performance in FY2024 was largely driven by robust demand from the Hard Disk Drive (“HDD”) sector, as well as increased contributions from the Company’s precision cleaning and surface treatment segments. The HDD industry, which remains a core revenue driver for MClean Technologies, has benefited from rising demand for high-density storage solutions to support data centres, cloud computing, and AI-driven technologies. MClean Technologies’s ability to deliver high-precision surface treatment and cleaning solutions has positioned the Company as a key supplier to this expanding market.
To recap, on 8 October 2024, MClean Technologies announced a series of strategic corporate proposals designed to support future growth and strengthen its financial position, which include the Proposed Private Placement and the Proposed Acquisition of the plastic injection moulding business at its net book value of RM6.04 million from We Total Engineering Sdn. Bhd. (“We Total”). The Proposed Private Placement was completed on 8 January 2025 which raised RM13.2 million in gross proceeds for the Company. The Proposed Acquisition is expected to be completed by the end of March 2025 and is a fundamental step in strengthening MClean Technologies’ market position. This acquisition further reinforces MClean Technologies’ commitment to expanding its capabilities and represents a strategic investment for the Company.
Dato Dr. Terence Tea Yeok Kian, Executive Chairman and Executive Director of MClean Technologies commented, “Our fourth consecutive profitable quarter in FY2024 demonstrates the success of our strategic initiatives and the resilience of our business. The strong financial performance is a testament to our team’s dedication and our ability to execute operational efficiencies effectively. With the recent corporate proposals, particularly the proposed acquisition of We Total, which represents a good buy and valuable investment for MClean Technologies, we are well-positioned for sustainable, long-term profitability. We remain optimistic about MClean Technologies’s growth as we continue to expand our capabilities and deliver consistent value to our shareholders. Looking ahead to 2025, we expect continued strong demand in the HDD sector, and with our diversification into plastic injection moulding, we believe we are entering a new phase of expansion that will further strengthen our earnings potential.”
Looking ahead, MClean Technologies is committed to maintaining this positive momentum, further optimising operational efficiencies, and capitalising on new business opportunities to drive long-term profitability and shareholder value.
