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Prestariang expects better FY18 results
17 May 2018
Wong Ee Lin
The Edge Financial Daily

 KUALA LUMPUR: Prestariang Bhd expects to turn in better results for the current financial year ending Dec 31, 2018 (FY18), driven by existing projects and the execution of its 5.0 transformation plan.

“We will focus on things that we can control, [which] are our operation, top line and bottom line. As you know there are a lot of uncertainties, but there’s nothing much we can do,” its president and group chief executive officer Dr Abu Hasan Ismail told a press conference after its annual general meeting yesterday.

For FY17, Prestariang’s net profit jumped 104.95% to RM18.21 million from RM8.88 million in FY16, while revenue was up 66.2% to RM219.51 million from RM132.07 million.

Prestariang’s 5.0 transformation plan is to evolve itself from being an ICT software and training service provider to a technology and talent platform innovator.

He also said he does not see any risk to the Sistem Kawalan Imigresen Nasional (SKIN) concession that commenced on April 25, with the change in government.

“Prestariang is now focused on executing the contract and making sure that the group is aligned with its obligation towards the contract,” he added.

SKIN contributed 36.7% to the group’s revenue for the first quarter ended March 31, 2018 (1QFY18).

On the memorandum of understanding (MoU) Prestariang has entered into with Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) on March 8, Abu Hasan said Prestariang is still in the midst of negotiating the terms and conditions.

“We are making a lot of good progress. It has been launched and it has started to bring in revenue for us,” said Abu Hasan. However, he did not disclose any figures.

Note that this collaboration with PTPTN is to develop a job-matching platform that matches student borrowers with jobs that suit their profile and subsequently provide them with pre-work training.

As for the MoU signed with Alibaba Cloud and Conversant to develop EduCloud, Abu Hasan said the work is still 50% in progress. “This work will be done together with our global partners such as Microsoft and Amazon. We are bringing in global partners to help us deliver this experience to Malaysian consumers,” he added.

Prestariang and the two other parties are currently finalising the partner reseller agreement and business plan for the education market.

The group’s net profit doubled to RM6.51 million in 1QFY18, from RM3.22 million a year ago, due to contribution from the group’s technology division, in particular the SKIN project.

 



Source : http://www.theedgemarkets.com/article/prestariang-expects-better-fy18-results

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