PETALING JAYA: Home-grown hydro and thermal technology company Intrix Group expects to begin expanding to several countries this year, underpinned by increasing demand for its technological solutions.
Founder and managing director Tee Tone Vei said the group, which currently has a presence in the United Kingdom and Malaysia, intends to extend its footprint to the Middle East by the third quarter of this year, driven by the region’s growing hotel construction pipeline.
He explained that through its research, it found that the number of hotel projects in Middle East is eight to ten times that of Malaysia’s, thus supporting its decision to explore more opportunities there.
“Dubai is usually the hub and, from there, we will radiate out (to other countries within the region) to do business. We will start with our business-to-business (B2B) offerings, then business-to-consumer (B2C),” he told SunBiz.
Aside from the Middle East, Tee shared, the group plans to expand to Australia, Hong Kong and Singapore by the fourth quarter of 2024. He added that it will begin with introducing its B2C offerings, followed by its B2B products.
However, Tee revealed that the project is in the final stages, with details being drawn up for a distributorship agreement with an “industrial distributor company” as part of its expansion into the industrial sector. Although he declined to share further details, he expressed hope of making an announcement soon.
“We aim to enter the industrial sector (because) our patented technologies have the potential to significantly reduce energy costs and carbon emissions. Following a successful prelaunch in early April, we plan an official launch by June, based on the promising feedback received,” he said.
Ar present, the group operates on B2C and B2B models for its two main segments, lifestyle and renewable, respectively.
Lifestyle features its multiusage water purifier products under the Intrix One Tap brand, while the latter, under its Intrix Project, involves heating appliances with a focus towards renewable energy and energy efficiency heating.
Tee disclosed that Intrix aims to launch a new offering with additional features under One Tap by the first quarter of 2025.
In terms of targets, he said the group has ambitious goals this year: to grow its B2B models threefold and to achieve fivefold growth in its B2C business.
“Threefold growth is not just derived from organic growth but through multiple (sources). For B2C, because the market is so big, we are targeting fivefold growth, supported by marketing efforts and maturation of channels.
“For B2B, its mostly driven by demand growth, as well geographical expansion into other regions and extension into the industrial sector,” he added.
Touching on revenue contribution, Tee shared that 45% was derived from the UK, 50% from Malaysia and the remainder from other countries in Southeast Asia, such as Thailand.
On outlook, he expressed his optimism on the water purification and renewable energy industries this year.
“Both are showing increasing growth. On our water purifier, through educating the market for the past two years, we have seen (increased) adoption as well as more referral sales. In terms of renewable energy, the attention given to it has made it easier for us to pitch to potential clients,” he said.
Commenting on green project financing, Tee opined that, at the core, despite internal quotas to fund green projects, financial institutions such as banks remain focused on basic fundamentals.
“Industries are paying a lot more attention today. Previously, when matters such as energy efficiency and others were discussed, they would only focus on payback. Nowadays, ESG (environmental, social and governance) elements (are taken into account) ... I would say the industry is booming, but its still far from the peak,” he remarked.
In terms of ESG, Tee said that since the company’s inception, Intrix has put sustainability into its design mindset as it is required to develop designs which adhere to international standards, particularly for the European market.
Tee also disclosed that the group aims to pursue a listing on Bursa Malaysia or other stock exchanges by 2029.
“Namely for two reasons, for business expansion and since we are a tech company, we want to reward the engineers’ contribution ... which is what most innovative companies practise. Many of our patent are designed by our engineers”, he said.
The company has registered a total of 19 patents worldwide over the last 20 years.
