TECHNOLOGY & TALENT PLATFORM INNOVATOR, PRESTARIANG REPORTS 2QFY18 & HALF YEAR RESULTS
COUNTER RECLASSIFIED UNDER TECHNOLOGY SECTOR ON BURSA MALAYSIA
CYBERJAYA, 29 August 2018 – Technology and Talent Platform Innovator, Prestariang Berhad (“Prestariang” or the Group”) today reported its second quarter results (2QFY18) ended 30th June 2018. For the reporting quarter, the Group registered a higher revenue of RM55.9 million compared to RM55.2 million recorded in previous year corresponding quarter. The higher revenue of RM0.7 million or 1% increase was mainly contributed by Concession revenue of Sistem Kawalan Imigresen Nasional (“SKIN”) project. The revenue was recognised based on the stage of completion at the end of the reporting period. The stage of completion is determined by reference to the proportion of costs incurred for work performed to date over the estimated total costs.
The Group’s Profit Before Tax (PBT) for the reporting quarter was RM6.9 million, 5% lower than the corresponding quarter last year of RM7.3 million as a result of lower revenue from Software & Services due to the current business environment. The Group forecasts the overall financial performance for this segment (especially Government sector) to improve in the subsequent quarters.
YTD18 vs. YTD17
The Group’s revenue for YTD18 was recorded at RM128.6 million, higher by RM29.5 million or 30% compared to RM99.1 million in YTD17. The YTD revenue was higher than last year mainly due to higher revenue contribution by SKIN project.
The Group’s PBT recorded for YTD18 was RM8.9 million or 80% higher than last year mainly due to the flow through of higher revenue contributed by SKIN project. The Group’s current and last year’s PBT was RM20.0 million and RM11.1 million, respectively.
Prestariang Berhad 5.0
Prestariang Berhad 5.0 transformation plan is taking shape where the Company sees the future in digital with Malaysia being a ‘Platform for Innovation driven by Software’. Prestariang believes its business is well placed to attract and hire best talents allowing it to innovate in a disruptive economy and maintain progress in both its proprietary platforms i.e. Technology (SKIN) and Talent (Educloud).
With SKIN Concession business becomes effective and have officially commenced on 25 April 2018, coupled with all current projects in hands scheduled for execution, the Group remains positive of its business transformation amidst economic challenges.
Reclassification under Technology Sector
As at 1st July 2018, Bursa Malaysia has reclassified Prestariang Berhad under the TECHNOLOGY Sector, with a sub-sector of DIGITAL SERVICES. The new classification will better reflect the company’s financial performance and primary source of business.
The Board of Directors declared an interim single-tier exempt dividend payout of 0.20 sen per share totalling RM0.96 million for the reporting quarter. The interim dividend will be paid to the Group’s eligible shareholders on 17 October 2018 with the entitlement date on 19 September 2018.
Prestariang has paid out a total dividend of 27.87 sen per share amounting to RM134.81 million since listing in July 2011.