CYBERJAYA: Pure play enterprise Internet of Things (IoT) solutions provider, SMRT Holdings Berhad (“SMRT” or the “Group”), has released its financial results for the third quarter (3QFY24) and nine months (9MFY24) ended 31 March 2024. The company previously changed its financial year-end to 30 June 2023 from 31 December 2022, which means comparative figures for the corresponding period last year are not available.
In the third quarter of FY24, SMRT reported revenue of RM16.1 million, maintaining consistency with the RM16.8 million revenue from the previous quarter (2QFY24). The Group achieved a net profit of RM6.9 million in 3QFY24, reflecting a robust net profit margin of 42.7%. This profit includes a one-off gain of RM1.0 million from the disposal of an investment in a subsidiary.
For the nine-month period ending 31 March 2024, SMRT recorded total revenue of RM51.2 million and a net profit of RM20.6 million. The Group’s financial health remains strong, with a net cash position and cash per share of 5.9 sen as of the end of March 2024.
Group Managing Director, Mr. Maha Palan, expressed his satisfaction with the company’s performance: “We are delighted to have maintained positive momentum, delivering solid results and reinforcing our position as a leading pure play enterprise IoT solutions provider. Our primary markets in Malaysia and Indonesia continue to show promising growth, positioning us well to extend our successful business model into new ASEAN markets.”
Mr. Palan highlighted SMRT’s recent venture into the financial services sector in the Philippines, noting it as a significant driver for future growth. He also emphasised the importance of the company’s recurring income base, which currently accounts for over 50% of total revenue. “Confident in our strategic direction, SMRT remains dedicated to becoming the leading provider of comprehensive end-to-end IoT services across ASEAN,” he added.
The company’s focus on expanding its managed sites is expected to further enhance its recurring income, solidifying SMRT’s financial stability and growth prospects in the region.
