[IRIS (0010) 2Q 2020 Results]

Founded in 1994, IRIS Corporation Berhad (ACE Market: IRIS) is an MSC-status technology innovator and leading provider of Trusted Identification products and solutions. Since pioneering the world’s first ePassport in 1998, IRIS has set itself apart as a dedicated end-to-end integrated solutions provider for eID, ePassport, Automated Border Control (ABC), multiple credential identity management ecosystems, and payment systems for financial and transportation industries where authenticity, improved security, speed, accuracy and effectiveness are of paramount importance. As an established player in Trusted Identification, IRIS has significant international presence in over 34 countries where we provide unrivalled service.

IRIS recorded a turnover of RM 72mil, which is about same revenue compare with previous quarter. As for the profit, it was registered at RM 10mil, compared with RM 9.3mil previous quarter.

IRIS recorded a one-time profit of RM 5.4m in 1Q 2020, and this profit was related to the sale of IRIS Land (PNG) Limited.

As for 2Q 2020, IRIS also has a one-time profit. The company reversed the employee expense of RM 5.3m previously recorded this quarter. After deducting these one-time gains, the company is making progress.

The company expects to continue to generate revenue from Africa, Asia Pacific and North America. The company will also strengthen its core business to face a competitive market.

The IRIS Management believes that the company performance will be optimistic in the coming next 2 quarters.

AGM details:
The company is currently bidding for IIS (Integration Immigration System), with total 34 companies have already tendered. And all these companies are from big to SME companies, where some companies are doing for foreign student cards or foreign labor systems.

Over the past 3-4 years, the company's performance is having bad shape of revenue and profit. And recent year, IRIS has replaced a new batch of management. And since then IRIS has stopped losing profit from non-core business.

We can see that the new management team has the intention to turnaround for company business and turn the business into positive profit. Through AGM inquiries, we also know that there will not be any significant impairment soon.

Louis Yap

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