Sin Chew News: IFCA Q2 Results
Kuala Lumpur, 20th August – The significant increase in revenue from Malaysian operations has driven IFCA MSC Berhad (IFCAMSC, 0023, ACE Market Technology Sector) to report a surge in net profit for the second quarter ended June 30, 2024, rising by 893.51% to RM5.514 million, compared to RM555,000 in the previous period.
Net profit for the first six months also jumped by 765.13% to RM7.319 million, compared to RM846,000 in the previous period.
The second quarter’s revenue increased by 56.86% to RM29.151 million, while revenue for the first six months grew by 32.49% to RM47.724 million.
IFCA MSC Berhad announced in a statement that the increase in revenue for the first six months was mainly attributed to contributions from Malaysia (71%) and Indonesia (5%), despite a decline in revenue from China (9%).
Revenue from Malaysian operations expanded due to the acquisition of new customers, software upgrades, and increased orders and billing for e-Invoicing compliance, while revenue from Indonesia continued to grow.
As revenue increased by 32.5% in the first half, operating expenses only saw a slight increase of 6%, leading to higher operating margins and profitability.
Looking ahead, the company stated that its Malaysian operations have been actively conducting nationwide e-Invoicing campaigns since the beginning of this year, which received overwhelmingly positive responses, significantly boosting e-Invoicing orders and more than doubling sales orders.
However, the China operations continue to face challenges due to difficulties in the property sector.
As of June 30, the group’s order book stood at RM47.3 million, and the board is optimistic about delivering a stronger performance in the 2024 fiscal year.