Infoline Tec says IT solution segment contributed strongly to quarterly profit

TheEdge Wed, Feb 15, 2023 09:34pm - 1 year View Original


KUALA LUMPUR (Feb 15): Infoline Tec Group Bhd, which made its debut in the ACE market in July last year, posted a net profit of RM3.5 million and a revenue of RM28 million for the fourth quarter ended Dec 31, 2022, driven by high contribution from its IT infrastructure solutions segment.

No comparative figures for the previous year’s corresponding quarter are available, as this is the group’s first interim financial report on the consolidated results for the fourth quarter.

For the full financial year (FY2022), the group posted a net profit and revenue of RM12.11 million and RM72.84 million, on the back of positive performance across all segments, particularly with the delivery of more IT infrastructure and cybersecurity solutions projects towards the second half of the year, the group said in a bourse filing.

In a separate statement, Infoline said the IT infrastructure solutions segment remained the top revenue contributor for Infoline Tec, contributing 63% of total revenue in FY2022, followed by cybersecurity solutions (22.7%) and managed IT services (12.5%).

In terms of geographical breakdown, 85.1% of the FY2022 revenue was derived from the domestic market, while the balance was from international markets, including China, Australia and Taiwan.

Infoline Tec chief executive officer Choo Wei Chuen said the board has declared an interim dividend of 0.8 sen per share, amounting to RM3 million, which will be paid on March 14.

As of Feb 8, Infoline Tec had utilised RM13.3 million or 56.1% of the total RM23.7 million in proceeds raised from its initial public offering, Choo said.

Shares of Infoline Tec closed 0.50% or half sen lower at 99 sen on Wednesday (Feb 15), giving the company a market value of RM357.72 million.

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