CYBERJAYA: Dagang NeXchange Bhd (DNeX) has recorded a profit after tax and
non-controlling interest (Patanci or net profit) of RM9.1 million for its third quarter ended Sept 30, 2024 (Q3’24) on the back of a revenue of RM263.0 million.
This marks an improvement compared to the RM5 million recorded in the immediate preceding quarter (Q2’24).
The technology segment was the largest revenue contributor, generating RM161.5 million or 61% of the total revenue.
The energy segment followed with RM52.4 million, contributing 20%, while the Information Technology (IT) segment accounted for the remaining RM49.1 million, representing 19% of the total revenue.
Revenue from the technology segment rose by 3% to RM161.5 million compared to RM156.2 million in Q2’24 driven by higher average selling prices on the product mix.
Meanwhile, the energy segment reported a softer revenue in Q3’24 of RM52.4 million as compared to RM92.0 million in Q2’24.
The performance was primarily impacted by lower average oil prices (Q3’24: 74.98/bbls; Q2 2024: 85.30/bbls) and reduced lifting volume resulting from a planned well maintenance shutdown for maintenance purposes.
The IT segment delivered a revenue of RM49.1 million in Q3’24 from RM50.0 million in Q2’24. Subsea telco as well as technology consulting and system integration (Tech Consulting and SI) businesses recorded increased contributions due to completion of cable installation and repair work services, and progress milestone of the ongoing projects, respectively.
This was, however, offset by lower revenue from trade facilitation in tandem with completion and progressive work done of certain projects.
DNeX’s net profit for the nine-month period ended Sept 30, 2024 amounted to RM28.6 million, with total revenue reaching RM871.0 million.
Due to the change in the financial
year-end from June 30 to Dec 31, there is no year-on-year comparison available for the quarter.
DNeX is advancing its trade facilitation services through new software solutions that modernise and streamline processes, from document submission to the transmission of digital forms across borders.
Additionally, the integration of AI into DNeX’s smart solutions can significantly enhance their capabilities and lead to increased operational efficiency and cost savings for both government agencies and private enterprises.
With a proven track record in successful project implementations, including the National Single Window for Trade Facilitation (NSW), Integrated Government Financial and Management Systems (iGFMAS), and the Hasil Integrated Taxation Systems (HITS), DNeX is well-positioned to support Malaysia’s transformation agenda and the MyDigital initiative.
DNeX executive chairman Tan Sri Syed Zainal Abidin Syed Mohamed Tahir Jamalullail (pic) said: “As we reflect on our progress this quarter, we are encouraged by the continued strength of our diversified business model and the opportunities that lie ahead.
“Our focus remains on building a sustainable future by leveraging our expertise, expanding our capabilities, and embracing new technologies. “We are committed to growth locally and internationally and are confident that our strategies will deliver long-term value for all stakeholders.”
As at Sept 30, 2024, the group maintains a strong net cash position, with a total cash balance of RM476.3 million, surpassing its total borrowings of RM74.7 million.
