Thursday 07 Dec 2023
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KUALA LUMPUR (Oct 12): OpenSys (M) Bhd on Wednesday (Oct 12) has successfully completed the transfer of its listing from the ACE Market to the Main Market of Bursa Malaysia Securities Bhd, after adhering to all the listing criteria and receiving the relevant approvals.

Prior to this, the financial services, telecommunications, and utilities solutions provider was listed on the MESDAQ (now known as ACE Market) of Bursa Securities on Jan 29, 2004. 

OpenSys chief executive officer Eric Lim said the transfer of its listing to the Main Market validated the group’s earnings track record besides giving greater access to the broader capital market to fund future growth plans and attract more institutional investors.

“We are indeed optimistic of our prospects for the rest of the year and beyond, as we leverage our strong clientele and increasing reputation. 

“Our strong order of RM38 million will bode well for the current financial year as well as building up momentum for our code and new business segments moving forward,” he said in a statement. 

Lim noted the transfer of OpenSys’ listing to the Main Market is befitting for the group's expanding business, and OpenSys is eager to enter a new chapter of growth.

“After helping our banking customers achieve efficiency and up to 30% savings through cash recycling machine (CRM), we hope to continue aiding their ongoing digitalisation drive by rolling out Smart TCR. 

“We have onboarded three banks thus far and are in close discussions with four other banks to initiate pilot projects in the near future,” he said.

Lim added that implementing more of such projects for customers has a comprehensive multi-fold effect on OpenSys.

“While we recognise revenue in the hardware, software and services segments for the duration of implementation, we also add more machines in the maintenance pipeline, which extends our earnings visibility for a longer period. 

“Therefore, the adoption of new digitalisation solutions such as Smart TCR would continue to spur our profitability going forward,” he said.

Meanwhile, Lim said OpenSys’ solar segment through buySolar online marketplace has gained traction, with greater awareness of climate change. 

He also said the group aims to collaborate with partner banks to offer customers various solar financing packages with attractive rates to boost adoption.

Year-to-date, buySolar has added four more solar providers and two banks to its online marketplace to have a total of 24 industry players.

For the second quarter ended June 30, 2022 (2QFY2022), OpenSys posted a 6.69% increase in net profit to RM2.95 million from RM2.77 million in the same period last year. Quarterly revenue grew 24.33% to RM18.24 million from RM14.67 million in the same period a year ago.

In the first six months of FY2022, OpenSys’ net profit rose 16.89% to RM5.39 million from RM4.61 million in the same period of the previous year, as its cumulative six months’ revenue was up 24.29% to RM35.58 million from RM28.63 million

At the midday break, OpenSys’ shares were down 1.41% or half a sen to 35 sen, bringing a market capitalisation of RM156.4 million.

Edited BySurin Murugiah
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