KUALA LUMPUR: Autocount Dotcom Bhd (ADB) reported a net profit of RM5.77 million for the third quarter (Q3) ended September 30, 2024 (FY24), marking a year-on-year (YoY) increase of 71.4% compared to RM3.36 million posted in the same quarter of 2023.
Revenue for the quarter rose by 88.3% to RM18.35 million from RM9.75 million in Q3 FY23, driven primarily by robust sales in financial management software and the early contributions from the company’s e-invoicing solutions.
For the nine-month of FY24, ADB’s net profit reached RM14.36 million, up 53.1% from RM9.38 million recorded in the same period last year.
The company’s revenue increased 57.1% to RM45.53 million, compared to RM28.99 million in the previous year.
Strong contributions from the software distribution segment accounted for 88.9% of total revenue.
The Malaysian market remained Autocount’s largest revenue generator, contributing RM39.85 million.
The distribution of financial management software continued to drive revenue growth, posting a 58.6% increase YoY.
The technical support and maintenance segment also expanded, recording RM3.59 million YTD, a 34.7% rise over last year.
ADB’s growth is largely attributed to an increase in new business clients and heightened demand for digital solutions, including e-invoicing, as companies adapt to ongoing digitalisation trends.
Managing director Choo Yan Tiee said the company continue to see growth and demand for its solutions, especially in Malaysia and Singapore.
“Our strategic focus on the financial management software industry, particularly with the introduction of our e-invoicing solutions, has positioned us well to capture the growing needs of businesses seeking digital transformation and efficient financial management solutions,“ he said.
Looking ahead, ADB remains optimistic about its growth trajectory in the financial management software market, spurred by supportive government initiatives across Southeast Asia.
The government’s recent announcement of RM50 million in digitalisation grants is expected to benefit over 10,000 small and medium-sized enterprises (SMEs), creating a substantial opportunity for Autocount’s software solutions.
Additionally, the implementation of e-invoicing, which began on August 1, 2024, aligns with regulatory shifts and is expected to enhance compliance and operational efficiency for businesses across the region.
“Our commitment to innovation and regional expansion continues to be a core pillar of our strategy.
“With our IPO proceeds fueling research and development as well as market penetration efforts, we are confident in delivering value to our shareholders and driving growth for the company,“ Choo said.
“The e-invoicing initiative is already showing early success, and we anticipate it will become a key growth driver as more businesses adopt this technology to streamline processes and meet compliance requirements,“ he said.
ADB anticipates further revenue gains through its strategic initiatives in automation, R&D, and the integration of new technologies like e-invoicing.
These efforts reinforce ADB’s vision to remain at Southeast Asia’s forefront of financial management software solutions.
