Techna-X Bhd , a Tech Innovator in Malaysia reported the Group’s successful turnaround in its first quarter (Q1FY22) results, recording a profit of RM13.7million.
In a statement, it said that the Group’s 1QFY22 performance was attributable to its relevant business entities’ continued implementation and servicing of existing contracts as well as new project wins, coupled with the stemming of losses from the industrial business as a result of the discontinuation of the metallurgical coke operations as of 31 December 2021.
The Group said that it reported a rise in revenue across its main business streams, i.e., the technology-driven food & beverage and the digital & technology businesses, which resulted in a revenue of RM21.2 million in the reporting quarter compared to RM7.3 million in the same quarter last year.
It said that the 1st quarter results reported also saw an increase in profit to RM13.7 million from a loss of RM23.5 million reported in the same quarter a year ago.
This included a one-off profit of approximately RM7.3 million because of the disposal of some scrap metal following the discontinued metallurgical coke business. Techna-X’s profitability from its main technology business streams recorded a profit of RM6.4million.
“We are operating in an ever-changing digital environment that has never been more challenging. However, our positive results have reaffirmed us of our decision to abort the coke business and refocus the company’s resources to grow our technology business streams moving forward. Our businesses acquired since 2019 have gained traction and yielded positive outcomes with several project wins in Malaysia and in other countries.
Some of our recent key projects include, a 2-year technology development and support contract from SHT Engineering Sdn. Bhd, to design and deliver an analytics-enabled public safety and security command system; a 5-year exclusive technology partnership agreement with Pesappas Limited, to develop the revenue management system for Kenya Wildlife Service and a 5-year partnership with Borneo ECO Star, to digitize aquaculture farming in Malaysia,“ said Datuk Jared Lim, Executive Director of Techna-X.
“Techna-X’s strategic business pillars namely ‘Energy Storage’, Smart City’, ‘Agritech’, ‘Electric Mobility and ‘Communication and Security Solutions’, have contributed profitability to our last 2 financial quarters. Our teams have progressed well with positive developments on-going in various countries including China, Croatia, South Africa, and Kenya.
We will continue to see these business segments reporting sustainable income for the Group and look forward to further strengthening our capabilities in our core energy storage and digital transformation solution businesses.”, added Datuk Jared Lim.