KUALA LUMPUR: Developer and distributor of financial management software Autocount Dotcom Bhd (ADB) posted strong earnings for the first quarter (Q1) ended March 31, 2024 (FY24), showcasing significant growth and resilience in its operations.
The company’s revenue rose 31.22 per cent year-on-year (YoY) to RM13.67 million in Q1 FY24 from RM10.42 million in the same quarter last year.
This surge was primarily attributed to increased sales of financial management software, which comprises 88.05 per cent of the total revenue.
Technical support and maintenance business segment, and others, which contributed 9.24 per cent and 2.71 per cent to the ADB’s total revenue respectively, also saw improvements during the quarter.
In line with the top-line improvement, ADB’s profit before tax (PBT) also increased by 13.73 per cent to RM5.38 million as compared with RM4.73 million in the corresponding quarter of the previous year.
The PBT margin stood strong at 39.33 per cent.
Meanwhile, net profit came in at RM4.07 million, representing an increase of 11.03 per cent from RM3.66 million reported in Q1 FY23.
ADB managing director Choo Yan Tiee said the company’s strong performance in the first quarter reflects the robust demand for its financial management solutions.
“With the upcoming implementation of e-invoicing by August 1, 2024, we are prepared to seamlessly integrate this service, enabling our existing clients to easily adopt this enhancement without disrupting their operations.
“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.
“The anticipated increase in demand for e-invoicing is poised to significantly contribute to our growth trajectory as businesses seek efficient and compliant solutions in the evolving digital landscape,” he said in a statement.
Since the company’s listing on the ACE market last year, demand and enquiries for ADB’s solutions have risen, in line with its objectives for listing, bolstering the company’s confidence in driving regional expansion.
The company’s results are bolstered by significant contributions from its core segments, including the distribution of financial management software and technical support and maintenance services.
The geographical revenue distribution shows Malaysia as the primary revenue contributor, followed by a notable presence in Singapore.
“While the company’s primary revenue contributor continues to come from Malaysia at 86.7 per cent, ADB has established a notable presence in Singapore.
“We will continue to leverage government initiatives across Malaysia and other Southeast Asia countries to promote digital transformation.
“With a firm commitment to innovation and regional expansion, ADB is well-positioned to navigate the growing demand for digital financial solutions,” he said.
Looking forward, ADB is optimistic about the growth prospects for the remainder of the year, which will be driven by ongoing digital transformation initiatives and the anticipated growth in the financial management software industry.
With the integration of e-invoicing services, ADB’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 company, as we anticipate increased demand and further expansion in our market presence,” Choo said.
