AUTOCOUNT Dotcom Bhd, a renowned developer and distributor of financial management software (accounting, point-of-sale and payroll), has reported a commendable financial performance for its 1Q ended March 31, 2024 by displaying significant growth and resilience in its operations.
The group’s revenue rose 31.22% year-on-year (yoy) to RM13.67 mil in 1Q FY2024 from RM10.42 mil in the corresponding quarter a year ago buoyed by increased sales in financial management software which made up 88.05% of the total revenue.
Elsewhere, the group’s technical support & maintenance business segment and others which also recorded improvements contributed 9.24% and 2.71% in total revenue respectively,
In line with the top-line improvement, Autocount’s net earnings inched up 11.2% yoy to RM4.07 mil from RM3.66 mil in 1Q FY2023.
“Our strong performance in the first quarter reflects the robust demand for our financial management solutions,” commented Autocount’s managing director Choo Yan Tiee.
“With the upcoming implementation of e-invoicing by Aug 1, we are prepared to seamlessly integrate this service, hence enabling our existing clients to easily adopt this enhancement without disrupting their operations.”
Choo further expects a surge in demand for e-invoicing-related services to significantly contribute to Autocount’s growth trajectory as businesses seek efficient and compliant solutions in the evolving digital landscape.
“This additional service aligns with the national mandate and enhances our product offerings, ensuring comprehensive financial management solutions, including streamlined invoicing processes, improved tax compliance, and optimised reporting capabilities,” justified Choo.
Since the group’s listing on the ACE Market on May 9 last year, Autocount’s financial performance has been bolstered by significant contributions from its core segments, including the distribution of financial management software and technical support & maintenance services.
The group’s geographical revenue distribution points to Malaysia as the primary revenue contributor, followed by a notable presence in Singapore.
“While our primary revenue contributor continues to come from Malaysia at 86.7%, the group has established a notable presence in Singapore,” revealed Choo.
“We will continue to leverage on government initiatives across Malaysia and other Southeast Asia countries to promote digital transformation. With a firm commitment to innovation and regional expansion, Autocount is well-positioned to navigate the growing demand for digital financial solutions.”
With the integration of e-invoicing services, Autocount’s approximately 210,000 client base will also benefit from the design that streamlines their invoicing processes, enhances compliance and improves overall efficiency.
“This development presents substantial growth opportunities for the group as we anticipate increased demand and further expansion in our market presence,” added Choo.
At the close of today’s (May 29), trading, Autocount was up 4 sen or 3.92% with 3.93 million shares traded, thus valuing the company at RM584 mil. – May 29, 2024
