Agmo Holdings Berhad’s (Agmo) recorded a total revenue surge to RM7.51 million, marking a substantial increase of approximately RM1.86 million or 32.9% for the first quarter of the financial year 2024 (Q1FY24).compared to RM5.65 million in the corresponding period of the previous financial year (Q1FY23).
The homegrown digital solutions and application development specialist, today kept to the group’s steadfast commitment towards innovation and its strategic expansion initiatives which fueled remarkable growth, demonstrating its resilience in the dynamic digital landscape.
The revenue spike was primarily attributed to its main business segment for development of bespoke digital solutions, propelled by the successful acquisition of new projects.
The revenue from the development of bespoke digital solutions continued to play a pivotal role in Agmo’s revenue stream, contributing RM6.02 million which translates to 80.2% of total revenue for Q1FY24. The contribution shows continued growth from approximately RM3.75 million or 66.4% of total revenue for Q1FY23.
Agmo also reported a rise in profit before tax (PBT) for Q1FY24, registering a growth of RM0.78 million or 33.8% from RM2.31 million in Q1FY23 to RM3.09 million. This upward trajectory in PBT was primarily fuelled by higher revenue and after offsetting the effects of increased payroll and related costs associated with the company’s expansion pursuant to its initial public offering (IPO) plans.
Furthermore, the company achieved a noteworthy increase in profit after tax (PAT) for Q1FY24, recording RM2.50 million compared to RM2.19 million in Q1 FY 2023. The rise in PAT of RM0.31 million was partially offset by higher tax expenses following the expiration of a tax incentive granted to a subsidiary of the Group under the Malaysia Digital (MD) Status.
Agmo Holdings Berhad CEO Tan Aik Keong said: “We are delighted with the remarkable growth achieved in Q1FY24. The substantial increase in both revenue and profit underscores our commitment to delivering innovative digital solutions and our ability to adapt to the dynamic market landscape. Our focus on bespoke digital solutions and our dedication to Environmental, Social, and Governance (“ESG”) principles remain as driving forces behind our success.”
The Group anticipates growth in the academy arm through the upcoming launch of Agmo Space in collaboration with Multimedia University. Agmo Space is an experience centre which will seamlessly integrate an ESG theme and leverage cutting-edge technologies, including Virtual Reality (VR) for interactive gaming experiences. An illustrative instance of this innovation is an internally developed Trash Thrower—an arcade-style VR game aimed at educating students and the public about the tenets of 3R: reuse, reduce, and recycle.
“Amid the evolving automotive industry landscape, we recognise the importance of staying at the forefront of electric mobility. Our dedication to the EV market aligns with shifting consumer demands and technological advancements. Through our research and development efforts, we aim to offer EV solutions that transcend mere vehicles. Embracing electric vehicles as the future of mobility is in line with our commitment to Malaysia’s Renewable Energy Roadmap, which targets net-zero carbon emissions by 2025. This dedication to sustainability merges with the growing EV market potential, driven by supportive government policies and incentives.
“With the EV market poised for significant growth in Malaysia, we see digital transformation as an integral element. This transformation will complement the anticipated industry shift and position us as relevant and competitive players. The convergence of the EV market’s potential with government support presents an immense opportunity for our company. By embracing digital transformation, we not only remain competitive but also forge ahead as leaders within this chosen segment. Our vision includes building the Agmo EV SuperApp ecosystem which we hope to become an all-encompassing platform that caters to evolving consumer needs in the space. This innovative approach, combined with our commitment to seamless, personalised experiences, positions Agmo as a pivotal player in the evolving automotive landscape in Malaysia,” Tan added.
