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Censof stages turnaround with RM26.8m net profit in FY21

KUALA LUMPUR: Censof Holdings Bhd returned to profitability in the financial year ended March 31, 2021 with net profit of RM26.79mil compared with net losses of RM72.42mil in the previous year.

Censof, which focuses on financial management software solutions, said its revenue increased by 12.6% to RM87.69mil from RM77.86mil in FY20.

In a statement to Bursa Malaysia on Tuesday, it said the group recorded significant improvement in profit before taxation of RM29.75mil as compared to the significant losses of RM70.84mil a year ago.

The better performance was due to the gain on fair value adjustment on short-term investment of about RM16.19mil; fast track of project deliverables and contracts awarded.

It also said there was higher sales demand for Asian Business Software Solutions Pte Ltd’s products due to the attractive government grants in the Singapore market.

For the fourth quarter, it posted net profit of RM12.71mil compared with losses of RM73.95mil a year ago. Its revenue was slightly higher at RM32.71mil compared with RM32.53mil. Earnings per share were 2.52 sen compared with loss per share of 14.74 sen. It announced a dividend of 0.75 sen a share.

On the outlook, Censof expects this year and 2022 to continue to be challenging with the recent surge of new Covid-19 infections and the re-imposition of Covid-19 travelling restrictions in Malaysia.

However, it pointed out the Covid-19 pandemic has accelerated the shift of many businesses towards digitalisation and increased the interest and focus on innovation and digital transformation.

“Further, with the initiatives by the government’s positive drive on country’s digitalisation transformation agenda, the group is encouraged that the demands for technology solutions in Malaysia will continue to grow.

“Notwithstanding the above, the group is still pursuing its initiative to strengthen Censof’s position as a leading major player in providing software solutions to the government agencies and private sector.

"The group committed to explore investment opportunities, development of unique products and solutions using strategic alliances in new business segments to expand on its technical competencies and supply chain capabilities, ” it said.

https://www.thestar.com.my/business/business-news/2021/05/18/censof-stages-turnaround-with-rm268m-net-profit-in-fy21

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