KUALA LUMPUR (Nov 21): Revenue Group Bhd's net profit grew 54% in its first quarter ended Sept 30, 2019 (1QFY20) to RM2.97 million from RM1.93 million a year ago, as revenue expanded 12% to RM16.66 million from RM14.84 million.
This positive start to the group's FY20 was due to higher income from the rental of its electronic data capture or EDC terminals, higher electronic transaction processing income, and the inclusion of revenue contribution from two newly acquired subsidiaries, Anypay Sdn Bhd and Buymall Services Sdn Bhd.
Consequently, earnings per share rose to 1.28 sen from 0.86 sen, its stock exchange filing today showed.
Going forward, Revenue Group said it has put in place plans to expand its electronic payment network in Malaysia and will continue to purchase and deploy additional new digital payment terminals with the capability to accept payment cards and quick response (QR) payments.
"The group is currently working with our partner banks on the development, testing and certification on the new digital payment terminals, which will be rolled out and deployed to the market in various stages," it said.
And as its business is focused in Malaysia, it intends to expand to other Asean markets, with Myanmar and Cambodia identified as potential target destinations.
"In this respect, we will partner with local financial institutions or local industry player in those countries and/or Malaysian financial institutions that already have a presence in these countries to provide electronic payment processing services for various card schemes," it said.
"Premised on the future plans above and with the various initiatives undertaken by Bank Negara Malaysia to promote wider acceptance and the usage of electronic payments, the board of directors is of the opinion that, barring any unforeseen circumstances, the prospects of our group for June 30, 2020 will remain favourable," it added.
Revenue Group's shares closed unchanged at RM1.76 today for a market capitalisation of RM411.22 million. The stock has climbed about 14% in the past 12 months.