ARB’s 2Q20 earnings dip 1.5% despite fivefold jump in revenue

by SHAZNI ONG

ARB Bhd’s net profit for the second quarter ended June 30, 2020 (2Q20) dipped 1.5% to RM8.48 million from RM8.61 million a year ago mainly on higher cost of sales and lower other operating incomes.

However, quarterly revenue jumped almost five times to RM55.34 million from RM11.28 million in 2Q19.

This was due to the enterprise resource planning (ERP) and Internet of Things (IoT) segments, which contributed RM23.17 million and RM32.16 million respectively.

These divisions are expected to contribute “impressive” future earnings for the group, with the IoT segment to venture into artificial intelligence technology this year, ARB said in an exchange filing yesterday.