KUALA LUMPUR (May 18): ITMAX System Bhd's net profit for the first quarter ended March 31, 2023 jumped 127.4% to RM15.19 million from RM6.68 million a year earlier on the back of improvements in both the video surveillance and analytics services segment, and the supply, installation, and maintenance service segment.

In a bourse filing on Thursday (May 18), the company said revenue for the quarter surged to RM34.68 million from RM19.26 million previously.

Earnings per share was 1.48 sen.

The company did not declare any dividend for the quarter.

In a separate statement, ITMAX managing director/chief executive officer William Tan Wei Lun said ITMAX kicked off FYE2023 with a strong set of financial results in Q1FYE2023, adding that it highlights the ongoing robust demand for smart city solutions.

“The increasing demand for smart city solutions bodes well for our geographic expansion plans, where we have received numerous inquiries from [local councils] pertaining to the implementation of smart city solutions.

“These potential customers have seen what ITMAX is currently implementing in Kuala Lumpur and they have given positive feedback to us.

“We foresee that this positive momentum in the increasing adoption of smart city solutions will not only persist but accelerate further in the years ahead,” he said.

At the midday break, ITMAX rose 2.74% or 4 sen to RM1.50 with 2.68 million shares traded.