KUALA LUMPUR (Dec 8): Main Market-bound ITMAX System Bhd's net profit climbed 78.14% to RM12.3 million for the third quarter ended Sept 30, 2022 (3QFY2022), from RM6.9 million a year earlier, driven by higher revenue.
According to a bourse filing on Thursday (Dec 8), ITMAX's revenue for the quarter rose 44.46% to RM30.78 million from RM21.3 million previously, as all of the group's segments — except for the supply, installation and maintenance services segment — posted higher revenues.
The group's largest contributor, the video surveillance and analytics segment, posted a 114.04% surge in revenue to RM21.26 million from RM9.93 million previously, on the back of the completion of several contracts for the installation and commissioning of video surveillance facilities.
Meanwhile, the supply, installation and maintenance services segment's revenue declined 22.6% to RM8.14 million from RM10.51 million in 3QFY2021.
For the cumulative nine months ended Sept 30, 2022 (9MFY2022), ITMAX posted a 26.6% higher net profit of RM27.75 million compared with RM21.92 million, while 9MFY2022 revenue increased 29.33% to RM71.52 million from RM55.3 million.
"The increase in revenue was attributed to the increase in revenue from the video surveillance and analytics services, and telecommunication services, which was offset by the decrease in revenue from the supply, installation and maintenance services and trading revenue," the group said.
Going forward, ITMAX said that the group is looking to continue its growth by expanding its service offerings and expanding into other geographical territories and segments.
"While the group continues to deliver on its ongoing projects and plots its mid- and long-term growth, the resurgence of the Covid-19 infection, inflationary pressure amid rising food and energy prices and disrupted supply chains following the Russia-Ukraine war remain as threats to the local and global economy.
"Nevertheless, the board of directors is cautiously optimistic that the group's prospects for the financial year ending Dec 31, 2022 (FY2022) remain favourable," the group added.
ITMAX's initial public offering involves the issuance of 320 million shares, comprising an institutional offering of 289.16 million shares and a retail offering of 30.84 million shares.
Of the public issue of 190.55 million new shares, the group expects to raise RM203.89 million based on an issue price of RM1.07 apiece. ITMAX is slated to be listed on the Main Market on Dec 13.