Heitech Padu Targets Stronger Earnings Growth After Returning To Profitability In FY2023

HeiTech Padu Berhad (HeiTech) has successfully navigated its way back to profitability on the back of an improved performance for the financial year ending December 31, 2023 (FY2023).

The Group reported RM7.2 million in profits for FY2023 to Bursa Malaysia compared to the RM10 million losses recorded in 2022. HeiTech’s earnings before interest, impairment, taxation, depreciation and amortisation (EBIITDA) for FY2023 was RM28.2 million.

The RM17.2 million turnaround from 2022 is attributed to improved profit margins due to cost management measures and the Group’s success in securing new contracts in both the public and private sectors amid greater competition and economic uncertainty in the country. The contracts include those awarded by the Ministry of Education, Ministry of Domestic Trade and Cost of Living, Ministry of Health, Inland Revenue Board of Malaysia and an extension of an Immigration Department of Malaysia contract.

“Our recent success demonstrates HeiTech’s commitment to providing value-added solutions and services to our customers, targeting stronger earning growths,” said Salmi Nadia Mohd Hilmey (pic), Group Managing Director and Group Chief Executive Officer.

“For the past 30 years, HeiTech’s strong credentials and track record in developing and managing technological solutions and mission-critical projects for customers in the public and private sector, has seen us grow from strength to strength. HeiTech is always focused on delivering value to our customers. Our track record over the years speaks for itself,” said Salmi Nadia.

“We believe our ability to consistently deliver is a key reason for HeiTech’s success in securing high-profile government contracts based on merit across different government administrations.”

Since its establishment, HeiTech has distinguished itself as a prominent player in the nation’s IT industry and has been instrumental in driving technological transformation and advancement of governmental, financial institutions and commercial organisations that are powering Malaysia. This has been achieved through strategic collaborations and partnerships with the fellow IT players in the industry.

“HeiTech has evolved from being a system integrator and managed infrastructure provider to being a provider of digital and emerging products. HeiTech has expanded our offerings and market areas via creation of in-house products and offerings that fit transactional-base and mass market which includes smart parking systems, e-know your customers (e-KYC), payment gateways as well as smart applications for local councils, cooperatives, school management solutions and teaching portals,” said Salmi Nadia.

“HeiTech has also expanded our customer base beyond Malaysia which includes regional presence through strategic acquisitions and the establishment of new companies”.

In 2020, the Group successfully launched a financial system for cooperatives, a school administration system, and a mobile app for teachers and students in Indonesia via our investee company PT DesaTech Nusantara as part of HeiTech’s regional expansion initiative.

Moving forward, HeiTech plans to become a full Digital Technology Service Provider leveraging on emerging technologies, broaden its operational capabilities, expand customer base, diversify its business, and propel HeiTech into a better financial position in the future.

HeiTech Padu Berhad (BURSA MALAYSIA: HTPADU) is an Information Technology (IT) systems service provider that specialises in developing Information and Communication Technology (ICT) systems and infrastructure for public and private sectors.

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