ITMAX System Bhd (ITMAX), a company primarily involved in the business of supply, installation, and provision of public space networked systems, announced its results for the first quarter of the financial year ending 31 December 2023.
ITMAX delivered revenue of RM34.7 million for quarter one financial year ended 2023, marking a strong growth rate of 80.1% compared to quarter one financial year ended 2022.
The group’s profit before tax (PBT) and profit after tax (PAT) in turn increased by 120.3% and 127.4% to RM20.3 million and RM15.2 million respectively. On a normalised basis, the adjusted PAT, after excluding expenses related to its initial public offering, grew by 138.3% to RM15.9 million.
This strong financial performance was mainly attributed to substantial improvements in both the video surveillance and analytics services segment, and the supply, installation, and maintenance service segment, where the revenue increased by 78.2% and 109.2% respectively against quarter one financial year ended 2022.
ITMAX System CEO William Tan Wei Lun said, “The increasing demand for smart city solutions bodes well for our geographic expansion plans, where we have received numerous inquiries from [local councils] pertaining to the implementation of smart city solutions. These potential customers have seen what ITMAX is currently implementing in Kuala Lumpur and they have given positive feedback to us. We foresee that this positive momentum in the increasing adoption of smart city solutions will not only persist but accelerate further in the years ahead.”
