AGMO HOLDINGS BERHAD announced its financial results for the fourth quarter and full financial year ended 31 March 2024 where its total revenue increased by approximately RM8.87 million or 33.6%, from RM26.36 million recorded for the corresponding period a year ago (“FY2023”) to RM35.23 million.
The group said the growth was mainly driven by the development of bespoke digital solutions segment, which contributed RM30.07 million or 85.4% of the total revenue. In comparison, this segment recorded RM21.34 million or 81.0% of total revenue in FY2023.
Geographically, the Group has fortified its presence in Malaysia which remained as the primary revenue contributor, whereby revenue grew by an impressive RM9.81 million year-on-year, demonstrating its ability to capitalise on domestic opportunities. Thailand, Singapore, and Hong Kong were the major contributors from the overseas market, with revenues of approximately RM0.68 million, RM0.51 million, and RM0.37 million, respectively.
The Group’s profit before tax rose by RM1.83 million or 24.0%, from RM7.63 million in FY2023 to RM9.46 million in FY2024, primarily due to higher revenue, offset by higher outsource development services costs and higher payroll and related costs. The Group recorded a profit after tax of RM7.84 million for FY2024, representing an increase of RM0.59 million from FY2023. The rise in PAT was mainly due to the higher PBT, offset by higher tax expenses following the expiration of a tax incentive on 10 December 2022, which had been granted to a subsidiary under the Malaysia Digital Status.
The Group remains cautiously optimistic about its financial performance for FY2025.
