Thursday 28 Mar 2024
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KUALA LUMPUR (June 27): PUC Bhd aims to grow its FinTech and e-Commerce business segments through strategic partnerships.

The group said that while the media and advertising business will remain the major revenue contributor, PUC’s strengthened FinTech and eCommerce businesses are expected to grow and contribute positively to its overall business in the near future.

In a statement following the group’s annual general meeting, the digital service company said a key growth initiative for PUC this year is the introduction of its micro-financing service under the FinTech space through its proposed collaboration with Yayasan Pekerja Malaysia (YAPEM).

PUC had earlier entered into a Memorandum of Understanding with YAPEM to offer micro loans to YAPEM members.

It has also inked seven other partnerships previously as part of its strategic plan.

“We will leverage on the credit-to-commerce model to create synergistic dynamics among our business segments, through stimulating spending in our eCommerce and other digital services,” said PUC group managing director and chief executive officer Cheong Chia Chou.

Under its e-Commerce arm, PUC said it has also enhanced its online market presence with the integration and rebranding of 11Street Malaysia to PrestoMall.

Coupled with other digital services such as bill payments, mobile reloads, movie ticket purchase, digital games and food delivery, Cheong said consumers can look forward to enjoy a seamless digital lifestyle experience.

“Users can continue to expect more digital services coming on board, in addition to the current offerings, such as travel services. All these will help create user stickiness to the app,” he added.

For the recent first quarter ended March 31, 2019, the group’s net profit rose by five times to RM1.78 million compared with RM350,000 a year earlier, even though revenue fell 18% to RM12.86 million. PUC said the increase in profit was largely due to the write-back of impairment losses on trade receivables of RM3.93 million.

PUC’s share price ended 0.5 sen or 6.67% lower at seven sen today, for a market capitalisation of RM151.05 million.

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