Thursday 28 Mar 2024
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KUALA LUMPUR (April 27): Ramssol Group Bhd’s net profit doubled to RM2.1 million for the first quarter ended March 31, 2023 (1QFY2023), from RM1.04 million posted a year ago, on the back of lower sales and marketing expenses.

Earnings per share grew to 0.86 sen from 0.56 sen, the ACE Market-listed company said in a filing with Bursa Malaysia.

Revenue, however, fell 22.97% to RM6.45 million from RM8.38 million, mainly due to lower sales from the provision of human capital management (HCM) solutions, student management solutions and HCM technology applications in Malaysia.

“Despite the challenges in the global economic landscape, we are pleased to report an encouraging start to the year, as we maintained our financial resilience and cost optimisation efforts to continue to deliver improved profitability,” Ramssol group managing director and chief executive officer Datuk Seri Cllement Tan Chee Seng said in a statement.

Moving forward, he said Ramssol will focus on expanding its offerings and strengthening partnerships that will drive the group’s revenue growth.

“With the completion of the acquisition of Infinite Loop Media Sdn Bhd, we are confident of executing our growth strategy,” he said.

Earlier this month, Ramssol via its wholly-owned subsidiary RAMS Solutions Sdn Bhd, entered into a deal with Axiata Digital Capital Sdn Bhd, the fintech arm of Axiata Group Bhd, to promote and market Boost Credit’s financing products.

Ramssol shares finished two sen or 5.26% higher at 40 sen on Thursday (April 27), bringing the group a market capitalisation of RM96.85 million.

Edited ByS Kanagaraju
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