KUALA LUMPUR (Jan 17): Technology solutions provider Infomina Bhd’s net profit for the second quarter ended Nov 30, 2023 (2QFY2024) jumped 77.23% to RM8.95 million from RM5.05 million in the previous year, fuelled by lower administrative expenses and higher revenue.

As a result, the group’s earnings per share jumped to 1.49 sen from 0.90 sen, its Bursa Malaysia filing showed on Wednesday.

Its quarterly revenue jumped 41.85% to RM59.65 million from RM42.05 million, mainly due to higher revenue recognised from the renewal of contracts under technology infrastructure operations.

Compared with the immediate preceding quarter of 1QFY2024, the group’s net profit rose 23.1% from RM7.27 million, as revenue grew 6.12% from RM56.21 million.

For the full six months ended Nov 30, 2023 (1HFY2024), the group’s net profit surged 65.75% to RM16.21 million from RM9.78 million in 1HFY2023, with revenue rising 37.94% to RM115.86 million from RM83.99 million.

Moving forward, the group said it is well positioned to leverage on the artificial intelligence (AI) and the extensive use of application programming interface (API) waves.

“The group will continue to explore more business opportunities, locally and regionally, to further enhance its orderbook. The group expects the Japanese market to start contributing to the group’s revenue towards the end of the current financial year.

“The company will also coordinate with Jabatan Pendaftaran Negara Malaysia (JPN) in the strategic rollout of new functional requirements of the JPN core national registration system by extending its benefits to JPN branches across various states.

“Premised on the above and barring unforeseen circumstances, we remain optimistic in our outlook as we pursue opportunities in the markets that we operate in, but remain prudent due to global economic uncertainties,” it said.

Infomina shares finished one sen or 0.62% lower to RM1.61 on Wednesday, giving it a market capitalisation of RM968.01 million. The stock, listed in November 2022, has quadrupled from its initial public offering price of 40 sen a share.

Infomina’s 2Q net profit jumps 77% on lower admin expenses, higher revenue