KUALA LUMPUR (Oct 22): RedPlanet Bhd (KL:RPLANET) is aiming for annual earnings growth of 10% to 20% over the next three to five years, supported by rising demand from utilities and railway sectors.

“That's always our target for the company” that mainly provides geographical data analytics and safety systems to detect human intrusion on railway platforms, managing director Lian Wah Seng told reporters in a virtual press conference after the listing ceremony on Thursday.

RedPlanet is betting on Malaysia’s spending spree to upgrade its electricity grid to cope with a boom in energy-hungry data centres as well as the government’s push for urban rail transportation systems in the Klang Valley.  

Lian also said the company is also eyeing the Mutiara Line light rail transit project in Penang.

The company was first listed on the LEAP Market in August 2020. As trading on the board is restricted to sophisticated investors, a listing transfer to the ACE Market requires a company to provide an exit offer and undertake a public issue of shares.

“The LEAP Market taught us the importance of corporate governance, transparency and accountability,” Lian said in his speech on Thursday. “And perhaps most importantly, it taught us the true cost of shareholders’ capital.”

RedPlanet is touting its geospatial technology — digital mapping for electricity infrastructure showing the locations and details of assets such as power poles and transmission towers — which allows the company to tap local and international markets, executive director Panjetty Kumaradevan Senthil Kumar said at the same event

Most of its revenue came from Malaysia though 15% of its income are from overseas markets such as India, Brunei, the Philippines, Saudi Arabia, the United Arab Emirates and Singapore.