PETALING JAYA: Capping off its first financial year-end results following its initial public offering (IPO) listing in August 2022, Agmo Holdings Bhd recorded a net profit of RM619,000 and revenue of RM6.38 million for the fourth quarter ended March 31, 2023 (Q4’23).
The digital solutions and application development specialist’ net profit rose 6.0% to RM7.10 million for the full financial year FY23 from RM6.69 million (FY22). Agmo said the result is in line with its business expansion, although offset by IPO expenses, payroll-related and outsource development services costs, as well as higher tax expenses due to expiry of a tax incentive.
Its total revenue for the full year jumped 59.5%, reaching RM26.36 million as compared to RM16.53 million for the corresponding period a year ago. This was primarily driven by the performance of the development of mobile and web applications segment, which grew RM8.38 million year-on-year, as well as the provision of subscription, hosting, technical support and maintenance services segment, which added RM1.52 million due to project acquisitions in FY23.
The development of mobile and web applications segment remained the group’s largest revenue contributor, accounting for RM21.34 million or 81.0% of the total revenue for FY23, with a segment profit of RM9.30 million for FY23. Provision of subscription, hosting, technical support and maintenance services segment was the second highest at RM3.90 million (14.8%) of the group’s total revenue, with a segment profit of RM1.95 million for the period under review.
Malaysia remained as the primary revenue contributor, whereby revenue grew by RM9.10 million year-on-year. Revenue from the Thailand market increased by RM0.88 million from prior year as Agmo continues to tap on regional digitalisation projects.
Agmo CEO Tan Aik Keong said that it has grown its partnerships and expanded its client base and as it continues to drive digital transformations, it aims to remain at the forefront of the industry by introducing cutting-edge products and services that align with environmental, social and governance (ESG) principles.
“Among others, with artificial intelligence and electric vehicles (EV) becoming increasingly relevant in the discourse of today’s digital transformation, our group is poised to capture growth opportunities in these areas,” he said in a statement.
Tan said that it is seeing an increasing adoption for its Agmo EV Dashboard and Agmo EV SuperApp among users as it continues to improve and grow the EV market and its adoption rate.
“We will continue to invest in research and development and seek expansion opportunities in the EV market. We will also focus on expanding our market size, exploring new markets and partners that enable us to deliver value,” he added.
In addition, “The digital solutions industry in Malaysia and Southeast Asia is experiencing a robust growth trajectory. Agmo is well positioned to capitalise on this trend and further strengthen our business. Our expansion plans, supported by the utilisation of IPO proceeds as well as ongoing and other pipeline collaboration with our strategic partners will enhance Agmo’s capacity to deliver exceptional products and services to our customers.”
