Willowglen eyes TNB as client

by **Cals** Tue 05 May 2015, 01:28

Willowglen eyes TNB as client

KUALA LUMPUR: Willowglen MSC Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), a supervisory control and data acquisition systems (Scada) company, hopes to ramp up its provision of Scada services to the power sector locally, and is eyeing Tenaga Nasional Bhd (TNB) ([You must be registered and logged in to see this image.] Financial Dashboard) as a potential client.
“The power [Scada] sector is one area in Malaysia we have not really participated in and TNB is probably the biggest Scada user here. That is one area we are actively trying to participate in — and hope to have TNB as our customer,” said executive director Simon Wong.
Currently, Scada accounts for 88% of group revenue, said Simon. The remainder is from its integrated monitoring systems segment.
“We’re in the midst of getting our products approved, to be an approved vendor. We have sent our hardware devices for testing, so we are hoping to get approval from TNB sometime this year,” he said.
This will be deemed a new business for Willowglen if it manages to penetrate this space. Willowglen (fundamental: 1.3; valuation: 1.8) provides monitoring facilities mostly to the utilities industry, such as power transmission, waterworks, treatment plants, railways and building services.
For the first quarter ended March (1QFY15), Willowglen’s net profit rose 1.3% on-year to RM3.92 million from RM3.87 million, while revenue grew 18.8% to RM31.2 million from RM26.3 million. While Willowglen will continue to see steady growth from the Singapore market, managing director Wong Ah Chiew said Malaysia has the potential to grow further.
For 1QFY15, the Singapore market accounted for 69% of group revenue, while Malaysia contributed the remaining 31% (FY14: 73:27) .
Wong is positive on Willowglen’s prospects for FY15, on the back of a healthy order book of RM160 million, which will last the group 1½ years.

This article first appeared in The Edge Financial Daily, on April 30, 2015.