Agmo Holdings Berhad announced its financial results for the third quarter (“Q3FY24”) and nine months (“9MFY24”) ended 31 December 2023.
Agmo CEO, Mr. Tan Aik Keong, said “We are pleased to announce our positive revenue growth for the quarter. Despite challenges in the external environment, our relentless focus on innovation and strategic expansion has enabled us to capitalise on emerging opportunities, driving sustainable growth and enhancing shareholder value.”
In Q3FY24, Agmo reported solid revenue growth of RM9.93 million, up by 19.8% from the previous year. Their total revenue increased by approximately RM1.63 million or 19.8% from RM8.30 million in Q3FY23.
The increase was driven by robust revenue from bespoke digital solutions projects. Revenue from the development of bespoke digital solutions remained the main revenue contributor, constituting RM8.52 million (85.7%) of total revenue for Q3FY24, compared to approximately RM7.08 million (85.3%) in Q3FY23.
In Q3FY24, the Malaysian market remained the main source of revenue, experiencing a revenue increase of RM1.74 million. Meanwhile, significant contributions from overseas markets came from Singapore, Thailand, and Hong Kong.
Agmo said, profit before tax (“PBT”) recorded for Q3FY24 came in at RM1.57 million, compared to RM2.28 million in Q3FY23. The lower PBT was mainly due to higher outsource development services costs and payroll expenses, partially offset by increased revenue. Profit after tax (“PAT”) for Q3FY24 was RM1.33 million, a decrease of RM0.87 million compared to Q3FY23, mainly due to lower PBT and higher tax expenses following the expiration of a tax incentive granted to a subsidiary in Q3FY23
For 9MFY24, total revenue was RM25.54 million, a 27.8% increase from the same period last year, with revenue from bespoke digital solutions contributing 85.0%.
Agmo remains optimistic about its financial performance for the fiscal year ending 2024, focusing on innovation, strategic expansion, and leveraging emerging technologies.
