KUALA LUMPUR (Feb 26): ITMAX System Bhd, whose shares have been on a rally since the beginning of this month, has posted a 29.9% rise in fourth quarter net profit to RM16.67 million, from RM12.84 million a year earlier.

Revenue for the quarter ended Dec 31, 2023 (4QFY2023) increased 19.1% year-on-year to RM42.59 million from RM35.77 million, according to the group’s bourse filing on Monday.

While revenue from the group’s digital infrastructure solutions fell 11.9% to RM22.33 million from RM25.33 million, revenue from its supply, installation and maintenance services doubled to RM19.22 million from RM9.59 million.

Looking ahead, the group said it will remain agile in adapting to the new norm of living post-pandemic and will seek to expand its service offerings into other geographical territories and segments.

“While the group continues to deliver on its ongoing project and plots its mid- and long-term growth, inflationary pressure amid rising food and energy prices and disrupted supply chains remain as threats to the local and global economy.

“Nevertheless, the board of directors is cautiously optimistic that the group’s future prospects remain favourable,” it added in the filing.

For the full year, ITMAX’s net profit rose 55.9% to RM63.28 million from RM40.59 million in FY2022, while revenue surged 39.5% to RM149.68 million from RM107.28 million

The group declared a total dividend of 1.2 sen per share in FY2023.

ITMAX, a solution provider in the field of public space networked systems, debuted on the Main Market in December 2022, and climbed to its all-time high of RM2.24 per share on Feb 22.

The counter closed unchanged at RM2.22 on Monday, giving the group a market capitalisation of RM2.28 billion. The stock has risen by 24% or 43 sen year-to-date.