News

Opcom profits RM18m in FY22

by AZALEA AZUAR / pic BLOOMBERG

OPCOM Holdings Bhd recorded a gross profit of RM18 million for the financial year ended March 31, 2022 (FY22).

It is an increase of 26.8% from RM14.2 million in FY21, which is in line with the group’s better efficiency in procurement and inventory management.

On the other hand, its profit after tax rose 100% to RM6.4 million in FY22 from RM3.2 million in FY21.

Meanwhile, Opcom’s consolidated revenue for the same period has recorded a 30.1% increase to RM87.2 million from RM67 million the previous year.

This was supported by fibre optic cable sales which increased by 17% to RM42.7 million in FY22 compared to RM36.5 million in FY21 due to the government’s Jalinan Digital Negara 5G project.

Opcom’s engineering services revenue also rose 65.8% to RM12.6 million in FY22 from RM7.6 million in FY21 due to higher demand from service installers.

Moreover, sales of accessories soared 97.9% to RM9.3 million in the same period from RM4.7 million in the corresponding period.

Opcom independent non-executive chairman Datuk Mazlin Md Junid was optimistic with the economic outlook since the global economy is expected to improve.

“As our financial standings improved in FY22, we are expecting to craft a solid and sustainable growth rate in the near future.

“In expanding into the 5G market, we are confident of making further progress in FYE23 as we believe that 5G technology is the key driver of Malaysia’s digital economic aspirations.

“At the same time, we will also invest in other businesses to increase our revenue streams and enhance shareholders’ value,” he said in a statement today.

Therefore, Opcom expects its aforementioned expansion plans to contribute positively in FY23.

Zukri

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