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THROUGH the expansion of its carbon dioxide gas recovery plant, Kelington Group Bhd can be seen as a good example in lifting the country’s domestic direct investment (DDI), albeit its investment not being a significant one.
On Nov 11, the integrated engineering solutions provider announced that its 97.19%-owned subsidiary, Ace Gases Sdn Bhd, is investing RM45mil to set up its second carbon dioxide (CO2) gas recovery plant in Kerteh, Terengganu (P2).
This is to complement its first liquid carbon dioxide (LCO2) plant (P1), which began operating in October 2019 with an annual production capacity of up to 50,000 tonnes of LCO2.
For its P1 plant, Kelington obtains CO2 waste gas from a gas-processing plant of Petroliam Nasional Bhd (PETRONAS) in Kerteh, Terengganu.
The waste gas is then purified and liquefied into LCO2 to be sold to the end-user.
Speaking with StarBizWeek, Raymond Gan, who is the chief executive officer of Kelington, says the group’s industrial gas segment, which started from scratch in 2017, has made significant progress.
Evidently, in its recent quarterly earnings report for the third quarter of financial year 2022 (3Q22), Kelington saw its revenue contribution from the industrial gas division rising three-fold to RM20.5mil compared with RM7.5mil in 3Q21.
This was enabled by a higher production output as the group successfully penetrated into a new geographical region, namely, Oceania countries for the sale of LCO2.,
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According to Gan, Kelington ventured into the industrial gas division to diversify its revenue stream and include businesses which provide recurring income.
“It would also complement the group’s engineering services business which are project-based with average tenures of between six and 12 months,” he adds.
In terms of revenue contribution, Gan says the sale of LCO2 represents approximately 50% of the industrial gas division’s revenue.
Apart from the manufacturing and sale of LCO2, Kelington, under its industrial gas division, is also involved in the trading of electronic special gases – high-purity gases used in the manufacture of semiconductors such as helium, xenon and silane.
“We also provide on-site gas supply to semiconductor manufacturers,” Gan says.
Owing to the strong demand for LCO2, Kelington’s P1 plant has almost reached its maximum capacity.
“Our capacity utilisation increased gradually from 20% in our first year of commencement to 80% within four years,” Gan says.
“We are now planning our P2 plant which will more than double our production capacity,” he adds.
Meanwhile, Kenanga Research, in its recent report on Kelington, said that the existing P1 has been running at an approximately 90% utilisation rate, above Kelington’s target of 80% for 2022.,
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