THETA Edge Bhd, a Lembaga Tabung Haji (LTH)-backed e-government service provider whose share price has climbed significantly to trade near its 52-week high of RM1.88 in recent times, has attributed its success to having been proactively optimising its core businesses over the past two years.
Moving forward, the group shall focus on key initiatives that will ensure continued growth and success with a combination of analysis, collaborations and feedback from various stakeholders, according to its CEO Datuk Nuraslina Zainal Abidin.
“Theta sustained profitability amidst market challenges BY capitalising on new prospects for sustainable growth,” she pointed out in the aftermath of the group’s 31st annual general meeting (AGM) in Kuala Lumpur today (July 2).
“Over the next three years, we are also looking into building recurring revenue by expanding market reach and innovating our product line by incorporating new technologies and capabilities in new business areas within the sphere of Mobility as a Service, cyber security, payment solutions and Hajj & Umrah mobility platform.”
Added Nuraslina: “We are primed to achieve business objectives, enhance efficiency and fortify our growth potential. Progressing into Theta’s strategy, we focused on integrating sustainability practices at the operational level. Additionally, governance initiatives were implemented to bolster transparency, accountability and operational efficiency.”
Pilgrims board LTH is currently Theta’s largest shareholder with a 27.28% stake, followed by Threadstone Capital Sdn Bhd (13.56%). Threadstone Capital is owned by Zainal Abidin Jalil, a former substantial shareholder of Dagang Nexchange Bhd (DNeX).
Such efforts, according to Nuraslina, will address current challenges and to seize opportunities in the group’s ever-evolving industry ecosystem.
“We are confident that Theta is well-positioned to continue to remain resilient and deliver sustainable growth, guided by our strategy and transformation trajectory,” revealed Nuraslina during her presentation at the group’s virtual AGM attended by 214 shareholders and proxies.
“As Theta charts a course towards a future defined by sustainability, innovation and inclusive growth, its steadfast commitment to excellence and ethical leadership serves as a beacon of inspiration for the team.
“Indeed, today’s AGM stands not merely as a testament to past achievements but as a clarion call for continued collaboration, innovation and resilience in the pursuit of a brighter tomorrow.”
Reflecting on Theta’s accomplishments in the past year, the group’s chairman Tengku Datuk Seri Hasmuddin Tengku Othman said Theta has demonstrated resilience and determination as a business entity in navigating challenges while forging a strategic direction.
“The strategy will focus on new value creation within the business, reviewing business models for enhanced revenue streams and deepening talent development,” he added.
At 3.15pn, Theta was unchanged RM1.70 with 3.03 million shares traded, thus valuing the company at RM201 mil. – July 2, 2024
