CYBERJAYA: Pure play enterprise Internet of Things (IoT) solutions provider SMRT Holdings Bhd (SHB) posted a net profit of RM7.04 million for the first quarter (Q1) ended September 30, 2024, an increase of 0.82% from RM6.99 million posted in the same quarter last year.
The increase was due to a higher-margin revenue mix, realisations of economies of scale from the higher number of managed sites and reduced administrative expenses.
Revenue for Q1 decreased 10.4% to RM16.5 million compared to RM18.42 million posted in Q1 last year.
SHB group managing director Maha Palan said the company’s key markets in Malaysia and Indonesia continue to show growth trajectory.
“Our previous strategic entry into the Philippines’ financial services sector has laid the foundation for further growth, and we are now actively exploring new opportunities in the country,“ he said.
On the venture into new verticals, Palan said the group’s IoT deployments for the water utility sector are delivering positive results and will tangibly contribute to results in this financial year.
Meanwhile, SHB has appointed Au Wong Lian (Kit) as its new group CEO, effective November 8, 2024.
Au brings over 30 years of experience in the technology and telecommunications industries, during which he has held leadership positions in various leading companies, including TimeDotCom and Microsoft Malaysia.
“Given Au’s extensive experience, deep domain expertise, and proven track record in driving growth and profitability, I am confident he will help lead SHB to the next level.
“More importantly, there is a strong alignment in corporate culture and core values between Au and our team, ensuring a smooth integration that will support our shared vision of leading the provision of IoT services across the Asean region,“ Palan said.
