LGMS Bhd expects even stronger performance in its upcoming financial quarters as the cybersecurity outfit has embarked on a ‘growth acceleration programme’ since late last year to expand its workforce, build strategic partnerships and introduce new service offerings.
This comes about as its chairman Fong Choong Fook expressed optimism about the potential of StarSentry – the LGMS’ automated cybersecurity preventive platform – which has already shown strong organic growth despite minimal marketing efforts.
“With regulatory frameworks tightening and cyber threats becoming more sophisticated, we’ve been receiving orders from organisations looking at strengthening their security postures,” he revealed in a statement.
“Given our commendable Q4 FY2024 results, we have yet to aggressively push StarSentry, yet we are already seeing promising traction from our existing business.”
Fong’s projection is in tandem with LGMS’s latest financial results of achieving a 10% year-on-year (yoy) uptick in its net profit for 4Q FY2024 ended Dec 31, 2024 to RM4.07 mil (4Q FY2023: RM3.71 mil) on the back of a 24% yoy revenue growth to RM13.23 mil (4Q FY2023:RM10.67 mil).
For the full FY2024, LGMS’ net profit also inched up 10% yoy to RM12.34 mil (FY2023: RM11.22 mil) while its revenue soared 27.4% yoy to RM43.63 mil (FY2023: RM34.24 mil) to reflect sustained growth from high-value cybersecurity projects fuelled by larger-scale engagements in the financial and technology sectors.
Growth expansion plans in the pipeline for LGMS in FY2025 and beyond include accelerating the expansion of StarSentry ecosystem, introducing new business models to further enhance its adoption and enlarging both its local and foreign networks.
“This year, we will go all-in on scaling StarSentry with new business models and strategic partnerships,” envisages Fong.
“We are actively expanding our network of partners, including managed security service providers (MSSPs), financial institutions and government agencies to integrate StarSentry into multi-layered cybersecurity environments across industries.”
LGMS is also developing new business models such as cybersecurity-as-a-service (CaaS) by offering on-demand security operations that allow businesses to adopt flexible, scalable cybersecurity solutions.
From a workforce of 118 as at early 2024, LGMS today has a total of 149 employees with the group still actively hiring and looking out for talents.
“Even as we continue aggressive hiring, we have achieved a remarkable 10% growth in net profit alongside a 27% increase in revenue for the full financial year which altogether highlights LGMS’ strong potential once our optimal workforce is in place,” enthused Fong.
“2025 is set to be an exciting and prosperous year for LGMS with more announcements forthcoming in the months ahead.”
At 9.23am, LGMS was traded unchanged at RM1.o6 with 26,200 shares traded, thus valuing the company at RM483 mil. – Feb 26, 2025
