AwanBiru Technology Berhad (Awantec) leading technology and talent digitization enabler, today (Nov 23) announced its financial results for the first quarter of the financial year ending June 30, 2024 (FY2024).
In Q1 FY2024, Awantec achieved a notable turnaround, recording a Profit After Taxation (PAT) of RM0.4 million compared to a RM1.4 million loss in the corresponding period last year.
“The profit turnaround was achieved despite a slight decrease in revenue from RM18.1 million in Q1 FY2023 to RM16.5 million in Q1 FY2024 due to higher margins from the talent segment and implementing effective cost management,” it said in a statement.
This marks the second consecutive quarter of profitability, building upon the RM0.1 million PAT in the preceding Q4 FY2023.
This accomplishment underscores the continued success of our transformation plan that focuses on five key offerings, namely cloud-based software solutions, platform as a service, infrastructure as a service, talent as a service, and system integration.
“The group’s profitability was heavily driven by the talent segment, powered by our strategic partnership with the Human Resource Development Corporation (HRDC), particularly for GLCs and private companies contributing to HRDC funds.
“Meanwhile, our Technology segment made significant strides in the implementation of cloud migration, dashboards, and analytics during the quarter under review, further expanding our services business,” it said.
The group said its quarterly results demonstrate its core businesses in Talent and Technology are the driving forces behind its success in the cloud-based solutions landscape.
It added it has established three dedicated teams to spearhead growth in the public sector, commercial, and SME segments.
In the Technology segment, Awantec has capitalized on its position as the managed service provider (MSP) for Google Cloud under the CFA.
Awantec currently serves approximately 400,000 civil servants with Google Workspace productivity tools and 4.8 million students utilizing the Google Classroom application.
“We remain confident in achieving improved performance in FY2024 as we maintain our focus on strengthening our synergistic offerings to drive continuous growth for the group,” it added.
