MAIN Market-bound ITMAX System Bhd’s net profit surged 78.14% to RM12.3 million for the third quarter ended Sept 30, 2022 (3Q22), from RM6.9 million a year earlier, driven by higher revenue.

In a stock exchange filing today, ITMAX said its revenue for the quarter rose 44.46% to RM30.78 million from RM21.3 million previously, as all of the group’s segments, except for the supply, installation and maintenance services segment, posted higher revenues.

Its largest contributor, the video surveillance and analytics segment, posted a 114.04% surge in revenue to RM21.26 million from RM9.93 million previously, on the back of the completion of several contracts for the installation and commissioning of video surveillance facilities.

Meanwhile, the supply, installation and maintenance services segment’s revenue declined 22.6% to RM8.14 million from RM10.51 million in 3Q21.

For the nine months period (9M22), ITMAX’s posted net profit rose 26.6% to RM27.75 million compared to RM21.92 million previously, while revenue increased 29.33% to RM71.52 million from RM55.3 million before.

“The increase in revenue was attributed to the increase in revenue from the video surveillance and analytics services, and telecommunication services, which was offset by the decrease in revenue from the supply, installation and maintenance services and trading revenue,” the group said.

Going forward, ITMAX said it is cautiously optimistic that its prospects for the financial year ending Dec 31, 2022 (FY22), remain favourable.

“In line with the implementation of Malaysia Digital Economy Blueprint, digitalisation will be the next big thing. With our expansion plans in our pipeline, we believe we are well-poised to seize the opportunities in this sector. Therefore, we are confident that our growth will remain steadfast in the coming years,” ITMAX MD and CEO Tan Wei Lun said in a separate statement.

ITMAX is slated to be listed on the Main Market of Bursa Malaysia on Dec 13. — TMR / pic source: itmax.com.my