KUALA LUMPUR, 27 FEBRUARY 2025 – Ge-Shen Corporation Berhad (“Ge-Shen” or the “Group”), an established service provider of precision engineering and manufacturing solutions, specialising in high-quality plastic, printed circuit board assembly (“PCBA”), liquid silicone rubber and complete assembly for diverse industries, has announced its unaudited financial results for the fourth quarter (“Q4 FY2024”) and full-year ended 31 December 2024 (“FYE2024”). The Group demonstrated resilience and agility, achieving record revenue despite external challenges.
For Q4 FY2024, Ge-Shen posted revenue of RM58.23 million compared to RM72.98 million in Q4 FY2023, a decline largely due to deferred customer orders ahead of anticipated U.S. tariff adjustments in early 2025. However, on a full-year basis, the Group delivered revenue growth of 7.3%, rising to RM275.07 million from RM256.31 million in FYE2023, driven by sustained demand across key industries.
Profit After Tax (“PAT”) for Q4 FY2024 stood at RM1.00 million, down from RM6.82 million in the previous year’s corresponding quarter. The decline was attributed to lower production loading in the final quarter and foreign exchange fluctuations. Despite this, full-year PAT rose significantly to RM12.83 million, a 40.1% increase from RM9.10 million in FYE2023, reflecting strong operational execution, product diversification, and strategic expansion into high-growth sectors.
Ge-Shen continues to reinforce its financial standing through prudent capital management and targeted investments. As of 31 December 2024, the Group’s total assets rose to RM366.48 million from RM310.79 million a year earlier, while shareholder equity increased to RM189.85 million from RM147.03 million, underscoring the Group’s financial resilience.
In line with its long-term growth strategy, Ge-Shen has strengthened its presence in the electronics manufacturing services (“EMS”) and medical device industries. The Group’s acquisition of Local Assembly Sdn. Bhd. and the expansion of its Kibaru facility are expected to drive future revenue growth, capitalising on the increasing demand for high-speed electronics and precision medical components. Additionally, to optimise asset utilisation and enhance financial flexibility, the Group has announced the proposed disposal of five freehold industrial properties in Mukim Tebrau, Johor Bahru, for RM35.0 million. The proceeds will be allocated towards debt repayment and working capital, reinforcing Ge-Shen’s commitment to operational efficiency and long-term expansion.
Dr. Adrian Foong Hong Nian, Chief Executive Officer of Ge-Shen commented, “Despite near-term headwinds, Ge-Shen has demonstrated resilience and adaptability. Our full-year revenue growth and stronger profitability reflect the effectiveness of our strategic initiatives. We are actively positioning ourselves to capture emerging opportunities in EMS, medical, and industrial components manufacturing, ensuring sustainable growth and enhanced shareholder value. As we move forward, we will sharpen our focus on high-value customers and projects, strengthening our market position and driving long-term profitability.”
Looking ahead, Ge-Shen remains optimistic about its long-term prospects. The ongoing shift in global supply chains, driven by evolving trade policies, presents opportunities for Southeast Asian manufacturers. With the expansion of its manufacturing facilities in Vietnam, Polyplas, and Kibaru, the Group is well-positioned to capture new business and meet the growing demand from multinational clients.
Additionally, Ge-Shen’s strategic decision to streamline operations through asset disposals will further enhance financial flexibility, enabling reinvestment in high-value segments that support future growth.
