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SMRT Holdings Post Healthy Results For Q2

KUALA LUMPUR: Pure play enterprise Internet of Things (IoT) solutions provider SMRT Holdings Bhd (SMRT) posted revenue of RM16.8 million for the second quarter (Q2) ended December 2023 (FY24) from RM18.4 million posted in the same quarter last year.

Overall, SMRT maintained a similar profit before tax (PBT) of RM7.0 million in Q2 FY24, supported by a revenue mix featuring higher-margin solutions during the quarter.

Meanwhile, SMRT’s Q2 FY24 net profit stood at RM6.6 million, translating into a net profit margin of 39.5 per cent.

To recap, SMRT changed its financial year ending June 30, 2023, from December 31, 2022.

As a result, comparative figures were unavailable for the preceding year’s corresponding quarter and period.

For the first half (1H) of FY24, SMRT reported revenue and net profit of RM35.2 million and RM13.6 million, respectively.

Group managing director Maha Palan said the healthy set of results shows SMRT’s journey as a pure-play enterprise IoT solutions provider.

“Our focus remains on executing our strategic growth plans, particularly in strengthening our market presence in Malaysia and Indonesia and entering new markets in ASEAN.

“Concurrently, our company is actively researching and developing new product offerings to expand into new verticals, as demonstrated by our recent successful expansion into the water utility sector.

“On balance, we remain confident in our current strategy and will continue to pursue our goal of being the leading provider of comprehensive end-to-end IoT services in ASEAN,” Maha added.

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