PETALING JAYA: Developer and distributor of financial management software Autocount Dotcom Bhd posted a net profit of RM4.52 million for the second quarter ended June 30, 2024 (Q2’24), nearly double the RM2.35 million in the same quarter last year.
Revenue for the quarter increased by 53.2% year-on-year to RM13.51 million, up from RM8.82 million in Q2’23.
The growth was fuelled by positive sales in financial management software distribution and increased revenue in technical support and maintenance services.
Financial management software distribution remains the primary revenue generator, contributing 88% to total revenue. Significant demand is noted in the Malaysian market, which accounts for 87% of total sales.
Notably, the e-invoicing service under this segment witnessed a substantial uptake, registering over 6,000 company subscriptions during the quarter, marking a significant new revenue stream.
For the first half (H1’24, Autocount Dotcom achieved a net profit of RM8.59 million, a 42.9% increase from RM6.01 million in the prior year. This aligns with a 41.3% rise in revenue to RM27.18 million, compared to RM19.24 million in H1’23, propelled by escalating demand for its e-invoicing services.
Managing director Choo Yan Tiee said the company’s strong first-half performance reflects the robust demand for its financial management solutions, particularly the e-invoicing subscriptions, which attracted more than 6,000 companies in the first half of 2024, adding a significant new revenue stream for the group.
While Q2’24 saw a revenue dip compared to Q1’24 due to fewer MSME Digitalisation Grant cases, profit before tax (PBT) increased due to reduced outsourced fees for customer implementation, support, maintenance, and training services.
Autocount Dotcom remains optimistic about its growth prospects for the coming years. The optimism is driven by the rising demand for e-invoicing services, which is poised to catalyse growth in the financial management software sector.
The company’s extensive client base of more than 210,000 customers positions it strategically to benefit from streamlined invoicing processes that enhance compliance and operational efficiency.
Furthermore, in response to the RM100 million digitalisation grants announced in Budget 2024 by the government, which benefit more than 20,000 SMEs and micro entrepreneurs through Malaysia Digital Economy Corporation, Autocount Dotcom is prioritising its e-invoicing initiative.
The company said the six-month grace period announced by the Inland Revenue Board will ease the transition for businesses as they adapt to the new e-invoicing system. The grace period provides valuable time to ensure smooth implementation without immediate penalties.
The phased rollout, beginning Aug 1, based on annual turnover, will gradually extend to all companies by mid-2025.
With 767,000 micro-enterprises and 334,000 SMEs in Malaysia poised to benefit, significant growth opportunities lie ahead in the near term, Autocount Dotcom noted.