KUALA LUMPUR (Aug 30): Datasonic Group Bhd posted a 58.21% gain in net profit to RM19.04 million for its first quarter ended June 30, 2023 (1QFY2024) from RM12.03 million a year earlier, on the back of a higher revenue. Earnings per share increased to 0.67 sen from 0.42 sen.

The revenue rose 32.36% to RM84.82 million from RM64.08 million, with RM75.77 million of the amount derived from the supply of smart cards, passport and personalisation services compared with RM55.8 million previously, the group said in a bourse filing on Wednesday.

The group has declared a first interim dividend of 0.6 sen per share, compared with 0.25 sen per share a year ago.  

“We are delighted to have kept up the positive momentum by starting the new financial year on a strong note. This puts Datasonic back onto a trajectory of growth after charting a healthy recovery in the previous financial year,” Datasonic executive chairman Tengku Datuk Seri Abu Bakar Ahmad Tengku Abdullah said in a statement.

Meanwhile, the group said it has initiated the deployment of the foreign worker card (i-Kad) this month with its primary emphasis being on expeditiously resolving the current backlog and swiftly handling new i-Kad requests.

“This will certainly contribute positively to our earnings for FY2024. Subsequently, the plan is to expand into foreign workers related platform businesses such as e-remittance to add value to our customers,” it added.

The group secured the RM140 million iKad contract in November 2022. The contract is for the supply of the cards to the Immigration Department from Nov 1, 2022 to Oct 31, 2025.

Abu Bakar said the group’s prospects continue to be promising bolstered by a healthy order book and strategic initiatives.

“At the same time, the team is actively pursuing new business opportunities locally, regionally and globally. All in all, we are upbeat as we journey on our new phase of growth,” he added.

As of June 30, Datasonic’s order book stood at RM307.3 million.

Datasonic's share price closed half a sen or 1.04% higher at 48.5 sen on Wednesday, bringing the group a market capitalisation of RM1.44 billion.