MAIN Market-listed information technology (IT) software and platform provider ARB Bhd (formerly Aturmaju Resources Bhd) has maintained its revenue growth in its 5Q FY6/2022 ended March 31, 2022 amid strong performance in its enterprise resource planning (ERP) and Internet of Things (IoT) business segments.
In the 5Q FY6/2022, the group saw its revenue edged higher by 1% quarter-on-quarter (qoq) to RM137.2 mil from RM135.6 mil posted in the previous quarter ended Dec 31, 2021.
Despite the higher revenue, ARB’s net profit was slightly lesser during the quarter under review at RM16.87 mil from RM17.52 mil recorded in the quarter ended Dec 31, 2021. This was mainly due to the impairment loss on intangible assets of RM30.8 mil and reversal of negative goodwill of RM34.1 mil arising from the acquisition of subsidiaries.
For the record, the group has changed the financial year end from Dec 31 to June 30, hence the company’s financial year end will cover a period of 18 months from Jan 1, 2021 to June 30, 2022 (covering a period of 18 months).
This is to enable the group to better manage the allocation of its resources to facilitate the proposed listing of its IoT division on the NASDAQ stock exchange.
“We’re proud to announce another solid financial performance during the current quarter where we continue our growth trajectory as seen by the increase of our revenue to RM137.2 mil,” commented ARB’s executive director Datuk Seri Larry Liew Kok Leong.
“The stable performance in the group was mainly due to the sustainable earnings and stable revenue generated by both ERP and IoT business segments.”
Liew further expects the group to remain on track to record other stellar earnings going forward, led by the impressive earnings of its ERP and IoT business segments.
“We’re cautiously confident that ARB will maintain its profitability as the ERP and IoT segments are expected to contribute impressive future earnings for the group. Over the last year, we have seen a surge in demand for our services as the COVID-19 pandemic has accelerated the shift towards digitalisation and automation in Malaysia.”
He added that the roll-out of 5G in Malaysia would help both the ERP and IoT businesses to maintain their momentum. In addition, this will help ARB’s IoT business division to remain on track to meet NASDAQ’s listing financial requirement.
At the close of yesterday’s (May 19) trading, ARB was down 0.5 sen or 4.17% to 11.5 sen with 1.12 million shares traded, thus valuing the company at RM140 mil. – May 20, 2022
